Sesen Bio holders Radoff and Torok back vote against Carisma transaction

Bradley L. Radoff and Michael Torok who own approximately 8.4% of the outstanding common stock of Sesen Bio, reiterated their intent to vote against the Company’s proposed merger with Carisma Therapeutics through the following statement: "After reviewing the amended merger terms disclosed last week, the Investor Group remains firmly opposed to what we deem an illogical, value-destructive transaction. We contend that Sesen Bio’s stockholders would be far better off if the merger was terminated and the Company’s approximately $140M in cash was efficiently returned to investors along with the contemplated contingent value right instrument. We estimate the cash available to return to the Company’s stockholders would translate to at least 70c per share – representing an approximately 15% premium to where the Company’s stock currently trades against the backdrop of the flawed merger. The Company’s stockholders could receive additional upside value from the CVR.