Sweden's SOBI makes $1.7 bln offer to buy CTI BioPharma (updated)

CTI Biopharma

10/05/2023 06:16

(Adds detail on the deal)
       COPENHAGEN, May 10 (Reuters) - 
    Drug maker Swedish Orphan Biovitrum  SOBIV.ST  (SOBI) said
on Wednesday it had agreed to make a $1.7 billion cash offer to
buy CTI BioPharma  CTIC.O , a biopharmaceutical company focused
on blood related cancers and rare diseases.
        SOBI said it would make a tender offer for $9.10 per
share in CTI, a premium of 89% over Tuesday's closing price of
$4.82.
  
        The planned transaction, which was unanimously
recommended by CTI's board, is fully funded through debt
financing, up to half of which is expected to be refinanced
through a rights issue, Sobi added.
  

 (Reporting by Louise Breusch Rasmussen, editing by Terje
Solsvik)
 ((Louisebreusch.rasmussen@tr.com; +45 21 27 97 79;))