CTI BioPharma surges on $1.7 bln buyout offer

CTI Biopharma

10/05/2023 10:19

** Shares of drug maker focused on blood related diseases
CTI BioPharma  CTIC.O  surge 83.3% to $8.84 premarket - biggest
pct. gainer across U.S. stock exchanges 
    ** Drug maker Swedish Orphan Biovitrum  SOBIV.ST  (SOBI) has
agreed to make a $1.7 billion cash offer to buy CTIC 
    ** Sobi said it would make a tender offer for $9.10 per CTIC
share, a premium of 89% over stock's closing price of $4.82 on
Tuesday
    ** Transaction is expected to close in the third quarter of
this year
    ** Up to Tuesday's close, stock had fallen ~20% YTD

 (Reporting by Khushi Mandowara in Bengaluru)
 ((Khushi.Mandowara@thomsonreuters.com;))