Sobi buys Dova Pharmaceuticals for $915 million

Swedish Orphan Biovitrum (Sobi) said Monday it will buy Dova Pharmaceuticals for an upfront payment of $27.50 per share in cash and, one non-tradeable Contingent Value Right (CVR), with an additional $1.50 for shareholders upon approval of Doptelet for use in Chemotherapy-Induced Thrombocytopenia (CIT) by the US Food and Drug Administration (FDA).

Sobi said in the press release that the upfront cash component of the offer represents a premium of 36 per cent based on Dova’s most recent closing price of USD 20.19. The transaction is valued at up to $915 million (approximately SEK 9.0 billion) on a fully diluted basis.

The acquisition of Dova provides Sobi with Doptelet (avatrombopag), a differentiated on-market product in Chronic Immune Thrombocytopenia (ITP), a well established and growing market, for Chronic Liver Disease (CLD) and an ongoing phase 3 trial in Chemotherapy Induced Thrombocytopenia (CIT).

The acquisition of Dova will broaden the scope of Sobi’s product portfolio into haematology and enhance Sobi’s commercial presence in the United States, Sobi said, adding that Doptelet will further diversify Sobi’s revenue base adding a new growth driver.

Sobi said it will leverage its expertise and existing infrastructure in haematology to grow Doptelet across its indications by expanding patient access outside the US.

Dova is also conducting a phase 3 trial in Chemotherapy-Induced Thrombocytopenia (CIT) which is a common side effect of chemotherapy that results in a low number of platelets. At present, there are no approved drugs to treat CIT, 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”, said Guido Oelkers CEO and President at Sobi. “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.“