According to the Complaint, Cascadian Therapeutics, Inc. ("Cascadian") is a clinical-stage biopharmaceutical company. Cascadian focuses on the development of therapeutic products for the treatment of cancer.

On January 31, 2018, Seattle Genetics, Inc. ("Seattle") and Cascadian announced that they had entered into an Agreement and Plan of Merger (the “Merger Agreement”) dated January 30, 2018 to sell Cascadian to Seattle. Under the terms of the Merger Agreement, Seattle will acquire all outstanding shares tendered by Cascadian stockholders for $10.00 in cash per share of Cascadian’s common stock.

On February 8, 2018, Cascadian filed a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC. The Complaint alleges that the Recommendation Statement, which recommends that Cascadian stockholders tender their shares in favor of the Proposed Transaction, omits or misrepresents material information concerning, among other things: (i) Cascadian’s financial projections, relied upon by Cascadian’s financial advisor, Perella Weinberg Partners LP (“Perella”) in connection with rendering its fairness opinion; (ii) the valuation analyses in support the fairness opinion provided by Perella; and (iii) Cascadian insiders’ potential conflicts of interest.

This case was voluntarily dismissed as moot on April 16, 2018.