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Sesen Bio, Carisma To Merge

Sesen Bio, Inc. (SESN) and Carisma Therapeutics Inc. have entered into a merger agreement to combine the companies in an all-stock deal. Stockholders of Carisma will receive newly issued shares of Sesen Bio common stock pursuant to an exchange ratio formula set forth in the merger agreement. Pre-merger Sesen Bio stockholders are expected to own approximately 41.7% and pre-merger Carisma stockholders are expected to own approximately 58.3% of the combined company.

The combined company will focus on the advancement of Carisma's cell therapy platform that utilizes engineered macrophages and monocytes to potentially transform the treatment of cancer and other serious disorders. The combined company is expected to operate under the name Carisma Therapeutics Inc. and trade on Nasdaq under the ticker symbol, CARM. It will be led by Steven Kelly, President and CEO of Carisma.

Carisma has secured commitments from a syndicate of investors for a $30 million financing. The combined company is expected to have approximately $180 million in cash, cash equivalents and marketable securities.

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