Dova Pharmaceuticals Rallies Following Deal To Be Acquired By SOBI For Up To $915M

Shares of small-cap biotech Dova Pharmaceuticals Inc (NASDAQ: DOVA) were advancing strongly Monday in reaction to a buyout deal. Dova said Monday it has entered into an agreement to be bought by Swedish Orphan Biovitrum, or SOBI (STO: SOBI), for $27.50 per share in cash, along with one non-tradeable contingent value right, or CVR, that entitles Dova shareholders to receive an additional $1.50 per share in cash upon regulatory approval of Doptelet. The upfront cash consideration of $27.50 per share represents a 36% premium to Dova's Friday closing price.