WilmerHale Represents CARISMA Therapeutics in Merger with Sesen Bio

• 9.21.2022

CARISMA Therapeutics Inc., a privately held, clinical stage biopharmaceutical company focused on discovering and developing innovative immunotherapies, and Sesen Bio, Inc. (Nasdaq: SESN) announced that they have entered into a definitive merger agreement to combine the companies in an all-stock transaction. The combined company will focus on the advancement of CARISMA’s proprietary cell therapy platform that utilizes engineered macrophages and monocytes to potentially transform the treatment of cancer and other serious disorders. In support of the merger, CARISMA entered into subscription agreements with a syndicate of investors for a financing of approximately $30.0 million that is expected to close concurrent with the completion of the merger.
 
Upon closing of the transaction, the combined company is expected to operate under the name CARISMA Therapeutics Inc. and trade on Nasdaq under the ticker symbol "CARM". The transaction is subject to customary closing conditions and is expected to close in the next three to four months.
 
WilmerHale is representing CARISMA in the deal, with a team led by partners Brian Johnson, Chris Barnstable-Brown and Hal Leibowitz, which also included counsel Liz Graffeo, senior associates Victoria Peluso and Katharine Patterson, and associates Ornella Ngounou and Mazen Osman on corporate and M&A matters, and partners Julie Hogan Rodgers, Kim Wethly, Scott Kilgore, Ciara Baker, Steven Barrett, and Bruce Manheim, and counsels Mat Trachok and Meghan Walsh on tax, equity compensation, employee benefits, intellectual property, and regulatory matters.