CTI BioPharma CEO Adam Craig. (CTI Photo)

CTI BioPharma, a Seattle-based publicly traded biotech company developing therapies for blood-related cancers, is set to be acquired in a deal with Swedish biotech giant Sobi.

The acquisition, announced Wednesday, values CTI at $1.7 billion, nearly double the company’s current market capitalization at end of trading Tuesday. Shares of CTI spiked on Wednesday following the acquisition announcement.

Founded in 1991, CTI went public in 1997. It has one FDA-approved product, pacritinib, which was approved last year and is sold under the brand name Vonjo.

The company has around 200 employees, according to LinkedIn, and is led by CEO Adam Craig, who took over in 2017 after executive stints at Chemgenex Pharmaceuticals, Sunesis Pharmaceuticals, and Immune Design.

The all-cash deal, expected to close in the third quarter, would mark another large biotech acquisition for the Seattle region. Earlier this year Pfizer said it would buy Bothell, Wash.-based Seagen for $43 billion.

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