Swedish Orphan Biovitrum and CTI BioPharma have announced the completion of the acquisition of CTI by Sobi through its indirect wholly owned subsidiary Cleopatra Acquisition Corp (Cleopatra).
Following the completion of Sobi’s successful tender offer to purchase all outstanding shares of common stock of CTI for USD 9.10 per share in cash, net to the seller thereof in cash, without interest and subject to any applicable withholding taxes, Sobi acquired all remaining shares of common stock of CTI through a merger pursuant to Section 251(h) of the General Corporation Law of the State of Delaware.
As a result of the transaction, CTI has become an indirect wholly owned subsidiary of Sobi, and the common stock of CTI will cease to be traded on the NASDAQ Stock Market. At the effective time of the merger, and subject to any perfected appraisal rights, all of the remaining shares of common stock of CTI not purchased in the tender offer were converted into the right to receive the same USD 9.10 per share, net to the seller thereof in cash, without interest and subject to any applicable withholding taxes. The transaction is valued at up to USD 1.7 billion (approximately SEK 17.1 billion) on a fully diluted basis.
Photo of Guido Oelkers, CEO, Sobi