Dova Pharma To Be Bought By Swedish Orphan Biovitrum

(RTTNews) - Dova Pharmaceuticals Inc. (DOVA) announced Monday that it has entered into an agreement to be acquired by Swedish Orphan Biovitrum AB or Sobi. The total potential consideration would be $29 per share, or up to $915 million on a fully diluted basis.

Under the deal terms, an indirect subsidiary of Sobi will commence a tender offer, under which Dova stockholders will be offered an upfront payment for $27.50 per share in cash. The deal also includes one non-tradeable Contingent Value Right or CVR that entitles them to an additional $1.50 per share in cash upon regulatory approval of DOPTELET for the treatment of chemotherapy-induced thrombocytopenia or CIT.

The upfront consideration represents a premium of 36% to Dova's closing price on September 27, 2019 and a premium of 59% to the 30-day volume weighted average price.

The transaction was unanimously approved by the Boards of Directors of both companies and is expected to close in the fourth quarter of 2019.

Sobi expects the proposed deal to enhance its position in hematology and orphan diseases and expand its presence in the United States.

Following completion of the merger, Dova will no longer be listed for trading on the NASDAQ Global Select Market.

In the deal, Jefferies LLC is acting as lead financial advisor to Dova.