Sobi broadens hematology platform with acquisition

30 September 2019

Swedish Orphan Biovitrum (STO: SOBI) today announced a definitive agreement to acquire USA-based Dova Pharmaceuticals (Nasdaq: DOVA) by means of a tender offer.

The consideration consists of an upfront payment of $27.50 per share in cash and, one non-tradeable Contingent Value Right (CVR). The CVR entitles Dova shareholders to an additional $1.50 per share on approval of Doptelet (avatrombopag) for use in chemotherapy-induced thrombocytopenia (CIT) by the US Food and Drug Administration. The upfront cash component of the offer represents a premium of 36% based on Dova’s most recent closing price of $20.19. The transaction is valued at up to $915 million (around 9.0 billion Swedish kronor) on a fully diluted basis. The transaction is expected to close in fourth-quarter 2019.

Sobi’s shares were up 1.8% at 162.70 Swedish kronor by late-morning, while Dova leapt 36.2% to $27.50 in pre-market trading.

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