January 31, 2018 / 11:36 AM / 22 days ago

BRIEF-Seattle Genetics To Acquire Cascadian Therapeutics

Jan 31 (Reuters) - Seattle Genetics Inc:

* SEATTLE GENETICS TO ACQUIRE CASCADIAN THERAPEUTICS, ADDING LATE-STAGE BREAST CANCER PROGRAM TO ITS ONCOLOGY PIPELINE

* SEATTLE GENETICS TO ACQUIRE CASCADIAN THERAPEUTICS, ADDING LATE-STAGE BREAST CANCER PROGRAM TO ITS ONCOLOGY PIPELINE

* DEAL FOR $10.00 PER SHARE IN CASH, OR APPROXIMATELY $614 MILLION.

* TRANSACTION WAS UNANIMOUSLY APPROVED BY BOARDS OF DIRECTORS OF BOTH COMPANIES

* SEES REVENUE OF $128 MILLION TO $130 MILLION FOR THREE MONTHS ENDED DEC. 31

* SEATTLE GENETICS- UNDER TERMS OF DEAL, CO WILL COMMENCE TENDER OFFER ON/ABT FEB 8 TO BUY ALL OF OUTSTANDING SHARES OF STOCK OF CASCADIAN THERAPEUTICS

* SEATTLE GENETICS - ‍IN CONNECTION WITH TRANSACTION, CO HAS SECURED FINANCING COMMITMENT OF $400 MILLION FROM BARCLAYS & JPMORGAN-CHASE BANK​

* Q4 REVENUE VIEW $114.2 MILLION -- THOMSON REUTERS I/B/E/S

* AS OF DECEMBER 31, 2017, SEATTLE GENETICS HAD APPROXIMATELY $413 MILLION IN CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS Source text for Eikon: Further company coverage:

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