DURHAM – Dova Pharmaceuticals is being acquired by a Swedish biotech company in a deal worth as much as $915 million in a deal announced Monday.
Swedish Orphan Biovitrum, also known as Sobi, says it will acquire Dova for $27.50 a share – some 36 percent higher than Dova shares (Nasdaq: DOVA) closing price on Friday.
Additionally, Dova shareholders will receive another $1.50 per share if a drug under development by Dova receives regulatory approval.
Dova Pharmaceuticals
The deal is focused largely on that drug called “Doptelet.”
Doptelet is a treatment of thrombocytopenia in adult patients with chronic liver disease who are scheduled to undergo a procedure, was approved by the FDA for review beginning in May 2018. The drug received final FDA approval in June.
“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,” said David Zaccardelli, Chief Executive Officer of Dova. “On behalf of the Board of Directors, I’d like to thank our employees and shareholders for their continued support and dedication to our mission of providing novel and effective therapeutic options for patients with thrombocytopenia; we believe Sobi is ideally positioned to continue that mission.”
Zaccardelli was appointed president and CEO, and Jason Hoitt became chief operating officer in a management shakeup announced last December.
Dova beats Street expectations under new CEO, cuts sales team by 28 positions
Prior to joining Dova, Zaccardelli served as the acting CEO of Cempra Inc. from December 2016 until the company merged with Melinta Therapeutics Inc. in November 2017.
Sobi says the deal will enhance it’s “position as a leader in hematology and orphan diseases and expand its presence in the United States. ”
Guido Oelkers, Chief Executive Officer of Sobi, noted: “The cadence of upcoming launches and approvals across indications and regions that Doptelet provides, enables us to further accelerate growth in our haematology franchise. There is a large unmet medical need within thrombocytopenia and for us this is a great opportunity to be able to give patients access to new and improved treatments. Furthermore, we are excited to welcome the 125 professionals from Dova who will greatly strengthen Sobi’s haematology infrastructure and broaden our value chain in the US.”
