M&A · Healthcare · Pharmaceutical Preparations
Sobi to acquire CTI Biopharma Corp
Announced May 10, 2023 · Closed Jun 26, 2023
Deal value$1.70BEV $1.72B
Premium89.0%To unaffected price
EV / Adj. EBITDA—31.8x EV / Revenue
ConsiderationAll cash$9.10 per share
Transaction
- Acquirer
- Sobi
- Target
- CTI Biopharma Corp (CTIC)
- Buyer type
- Strategic
- Offer price per share
- $9.10
- Enterprise value
- $1.72B
- Status
- Closed Jun 26, 2023
Deal protections
- Break fee (target pays)
- $59.0M · 3.5%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- BofA Securities
- To the target
- Centerview, MTS Health Partners
- Centerview fee
- $34.0M
Sector context · Healthcare
- Comparable deals
- 80 in the prior 24 months
- Premium
- 89.0% vs. 50.0% sector median
- EV / Adj. EBITDA
- Sector median 19.3x
- Break fee
- 3.5% vs. 3.5% sector median
Timeline
- AnnouncedMay 10, 2023
- Tender offerMay 25, 2023
- ClosedJun 26, 2023
Valuation · fairness opinions
Trading comparables$3.65$5.90
Precedent transactions$8.10$13.25
Discounted cash flow$7.00$7.60
Analyst price targets$8.00$15.00
Premiums paid$7.70$9.65
Offer $9.10
Implied value per CTI Biopharma Corp share by analysis, from Centerview · DCF discount rate 12.5%–14%.