Sesen Bio, a late-stage clinical company, completed the merger with Carisma Therapeutics, a developer of gene-modified macrophage cell therapies, in a $457m deal. “This transaction represents the result of a thoughtful and careful review of strategic alternatives over the past four months, during which Carisma’s clinical programs, management team, and corporate strategy stood out amongst the 42 bids reviewed. Carisma is an exciting clinical-stage company with groundbreaking science and an impressive management team, which we believe makes them the optimal partner to provide value for our shareholders. Our mission at Sesen Bio has always been to save and improve the lives of patients with cancer, and we believe Carisma has the science and the unwavering patient focus required to make that mission a reality," Thomas Cannell, Sesen Bio President and CEO. On January 4, 2023, Sesen Bio amended deal value to $457m and reiterated confidence in pending merger.