Swedish Orphan Biovitrum AB To Acquire CTI BioPharma

(RTTNews) - CTI BioPharma (CTIC) has entered into a definitive agreement under which Swedish Orphan Biovitrum AB or Sobi will acquire CTI for $9.10 per share of common stock in an all-cash deal, representing an implied equity value of approximately $1.7 billion. Sobi, through a wholly owned, indirect subsidiary, will commence a tender offer to acquire all outstanding shares of CTI for $9.10 per share of common stock in cash.

Upon the successful completion of the tender offer, Sobi's acquisition subsidiary will be merged into CTI, and any remaining shares of common stock of CTI will be cancelled and converted into the right to receive the same $9.10 per share in cash.

The transaction is anticipated to close in the third quarter of 2023. CTI noted that it does not intend to issue an earnings release for first quarter financial results.