Surge 85%! Biotech trades non-stop, CTIC receives $1.7 billion acquisition
Last week, Astellas Pharma of Japan announced that it has agreed to acquire US ophthalmic drug company Iveric Bio for about $5.9 billion. In addition, Syneos Health has agreed to sell its shares to a consortium of private investors.
There is no shortage of deals in the field of biotechnology.
After agreeing to be acquired for $1.7 billion, the stock price of CTI BioPharma, a biotechnology company in the United States, rose sharply before the opening of the US stock market on Wednesday.
At the beginning of the US stock market, CTI BioPharma's stock price rose by 84% to $8.88. Sobi's stock price in Stockholm fell by 14%.
Swedish Orphan Biovitrum SOBI (SOBI. sweden) will acquire CTI (CTIC) for $9.10 per share in cash, implying an equity value of approximately $1.7 billion.
CTI's focus is on blood-related cancers and rare diseases. The company's main product, Vonjo, is a drug approved by the US FDA for the treatment of adult bone marrow fibrosis, a rare bone marrow cancer.
Sobi CEO Guido Oelkers said in a company statement: "The acquisition of CTI is the latest transformative transaction for Sobi to establish its leading rare blood franchise."
This is another transaction in the biopharmaceutical field, showing that small stocks with professional drugs are attractive as large companies seek to expand their investment portfolios.
Last week, Japanese Astellas Pharma announced that it had agreed to acquire US ophthalmic drug company Iveric Bio for approximately $5.9 billion.
In addition, the latest news is that Syneos Health has agreed to sell its shares to a consortium of private investors. The buyer will acquire Syneos for $43 per share in cash, including outstanding debt, with a valuation of $7.1 billion. The buyers are a consortium composed of Elliott Investment Management, Patient Square Capital, and Veritas Capital.