Swedish Orphan Biovitrum AB SE:SOBI on Wednesday announced that it has entered into an agreement to acquire U.S.-based CTI BioPharma Corp. CTIC in a deal valued at $1.7 billion. The Stockholm-based drugmaker said it will offer $9.10 for each share of CTI, which focuses on blood-related cancers and rare diseases. The offer represents a premium of 88.8% over CTI’s the Tuesday closing price of $4.82 per share. “CTI represents a perfect fit for Sobi’s haematology franchise today, adding a powerful and highly differentiated new product that will make a significant difference for patients”, said Guido Oelkers, president and CEO of Sobi, in a statement. “There is a large unmet medical need within myelofibrosis, in particular for patients suffering from thrombocytopenia who are inadequately treated by existing medicines.” Sobi said the acquisition is expected to be highly accretive to its revenue and margins, starting in the near-term. CTI’s board of directors has unanimously approved the deal and recommended it to shareholders.
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