Swedish Orphan Biovitrum (Sobi), a Stockholm-based bio/pharmaceutical developing drugs for rare diseases, has agreed to acquire CTI BioPharma, a Seattle, Washington-based bio/pharmaceutical company developing drugs for blood-related cancers, for $1.7 billion. 

CTI’s lone product is Vonjo (pacritinib), which is FDA-approved for treating intermediate or high-risk primary or secondary myelofibrosis, a rare form of a bone marrow disorder in adult patients who have platelet (blood clotting cells) levels below 50,000/µL. The drug was granted accelerated approval by the FDA in 2022.  

Under the agreement, 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 for a total value of $1.7 billion. The transaction, which was unanimously approved by CTI’s Board of Directors, is expected to close in the third quarter of 2023. Following the completion of the transaction, CTI will become a wholly owned subsidiary of Sobi. 

Source: CTI BioPharma