Dova Pharmaceuticals (NASDAQ:DOVA) is up 38% premarket after entering into an agreement and plan of merger with Swedish Orphan Biovitrum AB (OTCPK:BIOVF) (Sobi).
Under the terms agreement, an indirect subsidiary of Sobi will commence a tender offer for all outstanding shares of Dova, whereby Dova stockholders will be offered an upfront payment for $27.50/share in cash, along with one non-tradeable Contingent Value Right (CVR) that entitles them to an additional $1.50/share in cash upon regulatory approval of DOPTELET for the treatment of chemotherapy-induced thrombocytopenia, representing a total potential consideration of $29.00/share, or up to $915M on a fully diluted basis.
The transaction is expected to close in Q4 2019.
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