Sesen Bio boosts special cash dividend to 36c per share, Torok to join board

Sesen Bio and Carisma Therapeutics announced that the companies have reached a voting and support agreement with Bradley L. Radoff and Michael Torok .The Investor Group, which beneficially owns approximately 8.7% of Sesen Bio’s outstanding common stock, has committed to vote its shares in support of the pending merger. In connection with the Support Agreement, Sesen Bio and Carisma have further amended the previously amended merger agreement announced on December 29 , which has been unanimously approved by the Boards of Directors of both companies: Increased the one-time special cash dividend expected to be paid to Sesen Bio stockholders to $75M, 36c per share. This represents an increase from the expected special cash dividend of approximately $70M, approximately 34c per share, under the first amendment to the merger agreement, and an increase from the up to $25M special cash dividend under the terms of the original merger agreement.