Swedish Orphan Biovitrum AB (STO: SOBI) (“Sobi”), a global healthcare leader in hematology, immunology and specialty care, is to acquire CTI BioPharma (Nasdaq: CTIC), a Seattle, WA-based commercial biopharmaceutical company focused on the development and commercialization of novel targeted therapies for blood-related cancers, for an implied equity value of approximately $1.7 billion.
The transaction is expected to close in the third quarter of 2023.
Sobi is a specialised international biopharmaceutical company providing access to innovative medicines in the areas of haematology, immunology and specialty care. The company has approximately 1,600 employees across Europe, North America, the Middle East, Asia and Australia. In 2022, revenue amounted to SEK 18.8 billion. Sobi’s share (STO:SOBI) is listed on Nasdaq Stockholm.
The transaction will diversify Sobi’s portfolio of hematology medicines through 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. Bringing together Sobi and CTI is expected to enhance Sobi’s commercial footprint in the U.S., and CTI will benefit from Sobi’s resources, scale and international presence as it continues to grow and explore new indications and development opportunities for VONJO. Following the completion of the transaction, CTI will become a wholly owned subsidiary of Sobi.
Led by Adam Craig, M.D., Ph.D., M.B.A., President, Chief Executive Officer and Interim Chief Medical Officer, CTI BioPharma is a commercial biopharmaceutical company focused on the development and commercialization of novel targeted therapies for blood-related cancers that offer a unique benefit to patients and their healthcare providers. CTI has one FDA-approved product, VONJO® (pacritinib), a JAK2, ACVR1, and IRAK1 inhibitor, that spares JAK1. VONJO is approved for the treatment of adults with intermediate- or high-risk primary or secondary (post-polycythemia vera or post-essential thrombocythemia) myelofibrosis with a platelet count below 50 × 109/L. This indication is approved under FDA accelerated approval based on spleen volume reduction. Continued approval for this indication may be contingent upon verification and description of clinical benefit in a confirmatory trial(s). CTI is conducting the Phase 3 PACIFICA study of VONJO in patients with myelofibrosis and severe thrombocytopenia as a post-marketing requirement.
FinSMEs
10/05/2023