The shares of Sesen Bio (NASDAQ:SESN) have added ~24% in the pre-market Tuesday after the clinical-stage biotech disclosed it started a review of strategic alternatives that will include a sale of the company.
“Our strong cash position provides us the opportunity to carefully consider a wide range of potential strategic alternatives designed to maximize shareholder value,” Chief Executive Thomas Cannell said.
In addition to an outright sale, the review will include a merger, acquisition, divestiture, or a strategic partnership, the company said, adding that the decision was taken to maximize the shareholder value.
Until a deal is finalized, Sesen Bio (SESN) plans to continue its ongoing development efforts, including the studies for its lead asset Vicineum in the treatment of non-muscle-invasive bladder cancer. “We plan to request a meeting with the FDA in the coming weeks to align on the remaining outstanding items related to an additional Phase 3 clinical trial,” Cannell added.
As of March 31, the company reported $169.8 million of cash and cash equivalents with no outstanding debt. The preliminary results are slightly higher than the $162.6 million of cash and cash equivalents reported by Sesen Bio (SESN) at the 2021 year-end.