Seattle Genetics, Inc. signed a definitive agreement to acquire Cascadian Therapeutics, Inc. (NasdaqGS:CASC) for approximately $550 million on January 30, 2018. Seattle Genetics will commence a public tender offer on February 8, 2018 to acquire all the outstanding shares of Cascadian Therapeutics common stock for $10 per share in cash for a total purchase price of approximately $614.1 million. In connection with financing a portion of transaction, Seattle Genetics entered into a commitment letter with Barclays Bank plc and JPMorgan Chase Bank, N.A., to provide a 364-day senior secured bridge loan facility in the amount of $400 million. The balance on the consideration will be provided from offering of $550 million of Seattle Genetics’ shares. Post transaction, Cascadian Therapeutics will become the wholly-owned subsidiary of Seattle Genetics. In the event of termination of transaction by Cascadian Therapeutics, Cascadian Therapeutics will be required to pay an amount of $17 million to Seattle Genetics and, under certain circumstances, reimburse the reasonable, documented out-of-pocket expenses of Seattle Genetics in connection with the transaction up to a maximum of $7.5 million in the aggregate. The transaction is subject to customary closing conditions, including the expiration or termination of the applicable waiting period under the United States Hart-Scott-Radino Antitrust Improvements Act of 1971 and minimum tender of at least a majority of outstanding Cascadian Therapeutics shares on a fully diluted basis. The transaction was unanimously approved by the Board of Directors of Seattle Genetics and Cascadian Therapeutics. Board of Directors of Cascadian Therapeutics has recommended that the stockholders of the company accept the offer and tender their shares. As of February 16, 2018, Seattle Genetics announces expiration of Hart-Scott-Rodino Waiting Period. The offer commences on February 8, 2018 and is initially scheduled to expire at midnight on March 9, 2018, unless extended or terminated. The transaction was initially expected to close in the first quarter of 2018. As per an announcement on February 14, 2018, transaction is expected to close in March 2018. Paul J. Jaskot, Howard Shecter, Jennifer Cheng, Megan Cribbs, John McWilliams, Samantha Peruto, Kristin Antario, John Martini, Nicole Martini, Leo Hitt and Debra Dermody of Reed Smith LLP acted as the legal advisor whereas Nick Johnston of Perella Weinberg Partners LP acted as the financial advisor to Cascadian Therapeutics. Krishna Veeraraghavan of Sullivan & Cromwell LLP acted as the legal advisor whereas Bryan Giraudo, Jim Ratigan, Joe Winningham and Kevin O'Conner of Leerink Partners LLC acted as the financial advisor to Seattle Genetics. Barclays and J.P. Morgan Securities LLC are also acting as financial advisors to Seattle Genetics on the transaction. Bradley Bugdanowitz, Jacqueline Mercier, Andrea Murino, Deborah Birnbach, Mike Jones, Brian Mukherjee, Todd Hahn and Kirby Lewis of Goodwin Procter LLP served as special counsel to Cascadian's board and transaction committee. Charles Ruck, Scott Shean and Anand Gandhi of Latham & Watkins LLP provided Leerink with legal counsel. Cascadian has agreed to pay Perella Weinberg an aggregate fee currently estimated to be approximately $7.21 million, with all fees previously paid credited towards such amount, including the $1 million paid upon delivery of Perella Weinberg’s opinion. Computershare Trust Company, N.A. acted as depositary and Innisfree M&A Incorporated acted as information agent for Seattle Genetics. John Cobb, Marisa Sotomayor, Matthew Bartlett, Bianca Lee and Robert Matz of Paul Hastings LLP acted as the legal advisor to Barclays and JPMorgan Chase Bank, the lead arrangers for financing.