UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15 (d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 30, 2020
(Exact name of registrant as specified in its charter)
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Emerging growth company ☐
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Item 8.01 – Other Events.
On September 29, 2020, Sesen Bio, Inc. (the “Company”) received $10.0 million in net proceeds associated with the $12 million upfront payment due under the Company’s Exclusive License Agreement (the “License Agreement”) with Qilu Pharmaceutical Co., Ltd. (“Qilu”). As previously disclosed, the Company entered into the License Agreement with Qilu to develop, manufacture and commercialize the Company’s product candidate VB4-845, also known as Vicineum™, in Greater China.
Under the terms of the License Agreement, the Company is also eligible to receive (i) a 12% royalty, subject to certain reductions, based upon annual net sales of Vicineum in Greater China, and (ii) payments totaling up to $23 million upon the achievement of certain technology transfer, development and regulatory milestones, the first of which the Company expects to occur in early 2021.
In connection with the License Agreement, the Company has initiated a technology transfer of Vicineum to Qilu, which is expected to be completed in mid-2021. Upon completion of the technology transfer, the Company will receive a milestone payment. The technology transfer would also provide the Company with an opportunity to establish a contract manufacturing partnership with Qilu to help meet the significant global demand expected for Vicineum.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
This Current Report on Form 8-K contains forward-looking statements, including, but not limited to, statements related to expectations regarding possible royalty and milestone payments under the License Agreement, expectations regarding completion of the timing of the technology transfer with Qilu, expectations regarding a possible contract manufacturing relationship with Qilu, and expectations regarding the expected global demand for Vicineum. These forward-looking statements are based on the Company’s current expectations and inherently involve significant risks and uncertainties. The Company’s actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties. A further description of the risks and uncertainties relating to the business of the Company is contained in the Company’s most recent annual report on Form 10-K and the Company’s quarterly reports on Form 10-Q, as well as any amendments thereto reflected in subsequent filings with the SEC. The Company undertakes no duty or obligation to update any forward-looking statements contained in this report as a result of new information, future events or changes in its expectations.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: September 30, 2020
| Sesen Bio, Inc. | ||||||||
| By: | /s/ Thomas R. Cannell, D.V.M. | |||||||
| Thomas R. Cannell, D.V.M. | ||||||||
| President and Chief Executive Officer | ||||||||