DOR BioPharma gets unsolicited acquisition proposal from Cell Therapeutics

By Lisa Kerner

Charlotte, N.C., Jan. 19 - DOR BioPharma, Inc. received an unsolicited proposal from Cell Therapeutics, Inc. to acquire the company, according to a company news release.

The proposal calls for Cell Therapeutics to issue to DOR BioPharma's shareholders 29 million shares of Cell Therapeutics common stock, or 19.9% of the company's outstanding shares. Warrant and option holders would receive shares of Cell Therapeutics common stock using the Black Scholes pricing model.

An additional $15 million in stock or cash is being offered on receipt of Food and Drug Administration approval of DOR BioPharma's New Drug Application for orBec.

On Jan. 3 DOR BioPharma entered into a non-binding letter of intent with Sigma-Tau Pharmaceuticals, Inc. giving Sigma-Tau an exclusive right to negotiate a business transaction or strategic alliance for orBec through March 1, 2007.

DOR BioPharma is a Miami biopharmaceutical company specializing in the life-threatening side effects of cancer treatments and gastrointestinal diseases.

Seattle-based Cell Therapeutics develops oncology products.

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