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Sobi

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business2 years ago•1 min saved

Ademi LLP Investigates CTI BioPharma's Acquisition by Sobi for $1.7B

Ademi LLP is investigating whether CTI BioPharma Corp. has obtained a fair price in its transaction with Sobi. CTI BioPharma stockholders are expected to receive only $9.10 per share of common stock in an all-cash transaction, representing an implied equity value of approximately $1.7 billion. The transaction agreement unreasonably limits competing bids for CTI BioPharma by imposing a significant penalty if CTI BioPharma accepts a superior bid. CTI BioPharma insiders will receive substantial benefits as part of change of control arrangements.

via Benzinga|

#business #cti-biopharma #fiduciary-duty

manda2 years ago•6 min saved

Sobi acquires CTI BioPharma and its JAK inhibitor for $1.7B.

Swedish pharma company Sobi is acquiring CTI BioPharma for $1.7 billion, with the main attraction being the JAK inhibitor Vonjo, which received FDA accelerated approval last year for a rare bone marrow cancer. Sobi is paying an 89% premium to CTI's closing stock price on Tuesday. Sobi specializes in rare diseases.

via Endpoints News|

#buyout #cti-biopharma #jak-inhibitor

business2 years ago•0 min saved

Sobi acquires CTI BioPharma for $1.7B.

CTI BioPharma's stock price surged after the biotech company agreed to be acquired by Sobi for $1.7 billion. The acquisition is part of a trend of ongoing biotech deals.

via Barron's|

#acquisition #biotech #business

business2 years ago•1 min saved

Sobi acquires CTI BioPharma for $1.7 billion.

Swedish Orphan Biovitrum (Sobi) has agreed to acquire US biotech CTI BioPharma for $1.7bn, in a deal that will be funded by debt financing from Bank of America and Danske Bank. Sobi's main shareholder, Investor AB, has agreed to subscribe for its pro-rata share of the rights issue, corresponding to about 34.7% of the shares to be issued. The acquisition will fit well with Sobi's focus on hematology and will deliver a medicine that's already cleared for sale in the US market. However, Sobi's shares plunged as much as 17% in early trading after the company said it would acquire all of CTI's outstanding stock for $9.10 per share, almost double CTI's last closing price, and issue new shares to fund as much as half of the transaction.

via Yahoo Finance|

#acquisition #business #cti-biopharma