DOVA stock climbed Monday after Dova Pharmaceuticals (NASDAQ:DOVA) announced a buyout offer from a Swedish drugmaker, Orphan Biovitrum.
Here’s everything we know about the deal, from start to finish.
DOVA Stock Goes Flying on Buyout News
On September 30, Dova Pharmaceuticals said Swedish Orphan Biovitrum will purchase the company for $27.50 a share in cash. If, however, the FDA approves Dova’s primary candidate Doptelet, which is used in the treatment of chemotherapy-induced thrombocytopenia, Orphan Biovitrum (OM: SOBI) will buy the company for an additional $1.50 a 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,” said CEO of Dova David Zaccardelli on the upcoming deal.
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The CEO of Orphan Biovitrum is just as enthusiastic about the news: “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.” The market seems to be on the same page as the two CEOs as well, from the looks of DOVA stock movement right now.
At the time of writing, DOVA stock is trading at $27.95, which puts the stock up 38.43% on the Nasdaq Exchange. That said, Orphan Biovitrum closed down 5.60% on the Stockholm exchange, but perhaps that will turn around tomorrow with investors having had a night to think about the deal.
Takeaway
What do you think about Orphan Biovitrum agreeing to buy Dova Pharmaceuticals? Can you see DOVA stock continuing to trade up for the rest of the day? Let us know your thoughts in the comments below, and don’t forget to check back in on this story later in the week!
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