Shares of biopharmaceutical company CTI BioPharma (NASDAQ:CTIC) have skyrocketed today after it agreed to be acquired by Sweden’s Orphan Biovitrum (SOBI) at $9.1 per share. This implies a $1.7 billion equity value for the company.
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CTI is focused on developing therapies for blood-related cancers and the transaction helps SOBI diversify its hematology portfolio. CTI’s Vonjo has been approved for treating adult myelofibrosis and joining hands with SOBI provides it with resources, scale, and a global footprint.
Under the agreement, SOBI is expected to float a tender offer for all of CTI’s outstanding shares at $9.1 apiece. The deal has been approved by CTI’s board and is anticipated to close in the third quarter of this year.
Today’s price gains come after a nearly 17.7% drop in the share price so far this year.
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