Sesen Bio board declares special dividend in the aggregate of $75M

In connection with the Carisma transaction, the Sesen Bio Board of Directors has declared a one-time, special cash dividend of $75M. Based on the current number of shares outstanding, the special cash dividend is expected to result in 36.1c per share to all common stockholders of record as of the close of business on March 7, 2023, payable no later than March 10, 2023. Sesen Bio stockholders of record will also be issued one Contingent Value Right for each outstanding share of Sesen Bio common stock, representing the right to receive any potential proceeds from the sale of Vicineum and Sesen Bio’s preclinical assets prior to March 31, 2027 and any proceeds from the potential milestone payment under the Roche Asset Purchase Agreement. The issuance of the special cash dividend and CVR remain contingent on the closing of the approved transaction.