Sesen Bio Inc (SESN)

[InvestorPhilia4]

The merger provides, as now constituted:

$0.34 per share cash dividend ($70 million 1H2023)

$0.14 per share CVR for Roche $30M milestone (binary cash payment - accrues paid upon Roche’s initiation of a Phase 3 clinical trial with legacy IL-6 antagonist antibody if initiated prior to December 31, 2026)

$?.?? cash if Vicineum is sold/licensed - added to the CVR - the best way we can participate in capturing any value based on the uncertainty/board's unwillingness to fund another Phase 3

$0.40 ~ stock in Carisma which has a bunch of cash on-hand (partially from our remaining $75 million) and liquidity as a public company - alongside investors Abbvie, TPG Biotech, Moderna, Wellington - and a stake in their promising IP