Swedish biotech giant Sobi plans to acquire Seattle-based biotech CTI BioPharma in a $1.7 billion deal.
The all-cash deal is expected to close in the third quarter. The closing of this deal will indicate another large acquisition for the Seattle region. In March, Pfizer said it would acquire Bothell-based Seagen for $43 billion.
CEO Adam Craig heads CTI BioPharma, which was founded in 1991 and now employs 200 people. The company has one FDA-approved product, pacritinib, which is currently sold under the brand name Vonjo.