CTI BioPharma (CTIC) Stock

CTI BioPharma shares added almost 85% on the news that the company would be acquired by Stockholm-based hematology and immunology leader Swedish Orphan Biovitrum AB (Sobi). Seattle-based CTI is a biopharmaceutical company focused on the development and commercialization of novel therapies for blood-related cancers.

CTI BioPharma has one FDA-approved therapy, Vonjo, to treat a rare form of bone marrow cancer. The company is being bought at a 89% premium from its closing price on Tuesday.

CTI BioPharma (NASDAQ: CTIC ) stock is taking off on Wednesday after the company announced a major acquisition deal with Sobi. This deal has Sobi agreeing to acquire CTI BioPharma for $1.7 billion.

CTI BioPharma Corp. CTIC stock soared 83% in premarket trading after Swedish Orphan Biovitrum AB SE:SOBI said it had entered into an agreement to acquire the biotech in a deal valued at $1.7 billion. The offer represents a premium of 88.

SEATTLE , May 1, 2023 /PRNewswire/ -- CTI BioPharma Corp. (Nasdaq: CTIC), a commercial biopharmaceutical company focused on the development and commercialization of novel targeted therapies for blood-related cancers, today announced that its first quarter 2023 financial results will be reported on Thursday, May 11, 2023, after the close of the financial markets. Management will host a webcast and conference call at 4:30 p.m.