Carisma’s CAR-M Steals Spotlight Among 42 Bidders to Reverse Merge With Sesen Bio

Sesen Bio’s decade-plus jour­ney is over af­ter fail­ing to se­cure a blad­der can­cer drug ap­proval and carve its own path for IL-6 an­ti­bod­ies. The Cam­bridge, MA com­pa­ny’s spot on Nas­daq will serve as the new home for Caris­ma Ther­a­peu­tics, which is at­tempt­ing to ush­er in a new CAR cell ther­a­py in the world of macrophages and mono­cytes.

The two are ex­e­cut­ing an all-stock re­verse merg­er, with the fu­ture rest­ing sole­ly on Caris­ma’s line­up of ther­a­pies, in­clud­ing a Phase I as­set that had some lim­it­ed da­ta pre­sent­ed at AS­CO in June. The Philadel­phia start­up will be­gin trad­ing un­der the apt­ly sym­bol­ed tick­er $CARM in three to four months, the com­pa­nies said Wednes­day morn­ing.

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