Sobi to Make Strategic Move and Acquire CTI BioPharma

CTI BioPharma (Nasdaq: CTIC) has entered into a definitive agreement with Swedish Orphan Biovitrum AB (STO: SOBI) to be acquired in an all-cash transaction worth approximately $1.7 billion. Sobi, a global healthcare leader in hematology, immunology and specialty care, will purchase CTI for $9.10 per share of common stock, allowing CTI to further its mission of developing novel targeted therapies for blood-related cancers.

Sobi is excited to announce its acquisition of CTI, a leading biopharmaceutical company with a portfolio of innovative hematology medicines. This transaction will diversify Sobi’s existing product portfolio with the addition of CTI’s lead product, VONJO® (pacritinib), which is FDA-approved for the treatment of adult myelofibrosis patients with a platelet count below 50 x109/L.

With Sobi’s resources, scale and strong international presence, CTI stands to benefit from increased growth and development opportunities, while Sobi will expand its commercial footprint in the U.S. By joining forces, both companies are committed to improving the lives of underserved patient communities suffering from rare diseases through effective and innovative treatments.

We are thrilled to announce the strategic transaction between CTI BioPharma and Sobi that will result in a substantial all-cash premium to our shareholders! This partnership will pave the way for VONJO to reach its full potential in treating myeloproliferative disease, as Sobi’s mission, culture, and priorities align with ours.

With Sobi’s financial and development resources, we can further enhance and grow VONJO. We’d like to recognize the incredible work of our talented employees, who will undoubtedly play a vital role in the success of the combined company.

Transaction Details and Closing

The Board of Directors of CTI unanimously approved a transaction that will see the company acquired at an impressive 89% premium to its May 9th closing share price and a 95% premium to its 30 trading day volume-weighted average price of $4.67. This transaction is expected to close in the third quarter of 2023, providing a substantial return to shareholders.

Sobi, through a wholly owned subsidiary, is launching a tender offer to acquire all outstanding shares of CTI for $9.10 per share in cash. This offer has received an irrevocable commitment from BVF Partners L.P. to tender their 6.7% of all outstanding shares of CTI common stock. This is an exciting opportunity for both Sobi and CTI shareholders to benefit from an attractive merger agreement.

Upon the successful completion of the tender offer, Sobi’s acquisition subsidiary will merge into CTI and seal the deal. Shareholders of CTI who tender their shares in the tender offer will receive an impressive $9.10 per share in cash, while any remaining common stock of CTI will be cancelled and converted into the same payment.

However, for the tender offer to go through, a majority of the total number of CTI’s shares must be tendered and the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act must expire.

First Quarter 2023 Earnings Results

CTI has decided to forgo issuing an earnings release and hosting an earnings conference call for their first quarter 2023 financial results, indicating their commitment to keeping their financials private.


CTI BioPharma has enlisted the services of two top-tier financial advisors: Centerview Partners LLC and MTS Health Partners. The company has also sought out the expertise of two leading law firms, Skadden, Arps, Slate, Meagher & Flom LLP and Gibson, Dunn & Crutcher, LLP, to ensure their legal interests are adequately represented.

About Sobi

Sobi is a leading biopharmaceutical company that is dedicated to transforming the lives of individuals facing rare and debilitating diseases. With a team of 1,600 professionals spanning across Europe, North America, the Middle East, Asia and Australia, Sobi is committed to providing reliable access to pioneering medicines in the fields of haematology, immunology and specialist care. In 2022, revenue amounted to an impressive SEK 18.8 billion and Sobi’s stock (STO:SOBI) is listed on Nasdaq Stockholm.

About CTI BioPharma Corp.

CTI BioPharma is dedicated to developing novel targeted therapies for blood-related cancers to improve the lives of patients and their healthcare providers. Their FDA-approved product, VONJO® (pacritinib), is an innovative JAK2, ACVR1, and IRAK1 inhibitor that spares JAK1 and is indicated for adults with intermediate- or high-risk primary or secondary myelofibrosis with a platelet count below 50 × 109/L.

In order to further verify and demonstrate the clinical benefit of VONJO, the company is conducting the Phase 3 PACIFICA study. With this commitment to innovation, CTI BioPharma is determined to bring life-saving treatments to those who need it most.

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