September 30, 2019 / 7:06 AM / 22 days ago

Sobi to buy Dova Pharmaceuticals to broaden portfolio, boost U.S. presence

STOCKHOLM (Reuters) - Rare diseases specialist Swedish Orphan Biovitrum (Sobi) (SOBIV.ST) said it had agreed to buy Dova Pharmaceuticals in a deal valuing the U.S. firm at up to $915 million.

The Swedish drugmaker said it was offering $27.50 per share in cash and the right to an additional $1.50 upon approval of Doptelet for use in chemotherapy-induced thrombocytopenia by the U.S. Food and Drug Administration (FDA).

The upfront cash component represents a premium of 36% to Dova’s most recent closing price of $20.19, Sobi added.

Sobi, a rival to Roche (ROG.S), Novo Nordisk (NOVOb.CO) and Shire SHP.L, said the acquisition will broaden the scope of its portfolio into haematology and enhance the company’s commercial presence in the United States.

Shareholders owning a majority of Dova’s outstanding shares have agreed to the offer, Sobi said in a statement on Monday, adding the transaction was expected to close in the fourth quarter.

Doptelet is used in the treatment of thrombocytopenia - a condition characterized by abnormally low levels of platelets - by increasing platelet count.

Reporting by Helena Soderpalm; Editing by Himani Sarkar

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