Swedish Orphan Biovitrum AB (Sobi) has completed the acquisition of CTI BioPharma Corp., a specialized international biopharmaceutical company, through its indirect wholly owned subsidiary Cleopatra Acquisition Corp, in a transaction valued at $1.7 billion.

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.

CTI 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. CTI has one FDA-approved product, VONJO (pacritinib), a JAK2, ACVR1, and IRAK1 inhibitor, that spares JAK1. CTI is based in Seattle, WA, and has approximately 144 employees. In 2022, CTI had revenues of $53.9 million.

Sobi is a specialized international biopharmaceutical company focused on rare and debilitating diseases with innovative medicines in the areas of haematology, immunology and specialty care. Sobi has approximately 1,600 employees across Europe, North America, the Middle East, Asia and Australia, with revenues of $1.8 billion in 2022.