Dova Pharmaceuticals (NASDAQ:DOVA) news for Monday about a $915 million deal with Swedish Orphan Biovitrum (Sobi) has DOVA stock flying high.
The deal between Dova Pharmaceuticals and Sobi will have the latter acquiring the former. This has Sobi offering $27.50 per share in cash for DOVA stock. The offer also includes an additional $1.50 per share in cash once the chemotherapy DOPTELET receives regulatory approval.
Looking at the Dova Pharmaceuticals news, it’s worth mentioning that the offer of $27.50 per share in cash is roughly 36.20% above DOVA stock’s closing price on Friday. At $29.00 per share, the offer is 46.64% above the previous closing price.
This deal will have an indirect subsidiary of Sobi making a tender offer for all outstanding shares of DOVA stock. Shareholders will receive an upfront payment of $27.50 per share and a non-tradeable CVR of $1.50 per share.
“We are extremely pleased to announce this merger with Sobi, which we believe will continue the expansion of DOPTELET in the U.S., and provide the necessary resources to maximize DOPTELET’s availability to patients in both the US and internationally,” David Zaccardelli, PharmD, President and CEO of DOVA, said in a statement.
The Boards of Directors at both companies are both unanimously in favor of the Dova Pharmaceuticals news. So long as it can get approval from regulators and shareholders, the deal will close sometime during the fourth quarter of 2019.
DOVA stock was up 38.25% as of Monday afternoon and is up 131% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.
