Sobi sees value in Dova’s Doptelet

After a tough start to 2019, Dova investors who kept the faith have been rewarded today in the form of a buyout by Swedish Orphan Biovitrum (Sobi). Things had already been looking up for Dova after the US FDA approved its sole product, Doptelet, for a new use, chronic immune thrombocytopenia, to add to its existing niche in chronic liver disease. The thrombopoietin agonist market is currently worth around $2bn; Doptelet is going up against Novartis’s fellow oral drug Promacta and Amgen’s injectable Nplate. Sobi was also likely tempted by promise in chemotherapy-induced thrombocytopenia, where there are currently no approved therapies, with a phase III trial of Doptelet due to read out in mid-2020. Sobi is paying $27.50 per Dova share up front, plus $1.50 per share if Doptelet is approved in chemotherapy-induced thrombocytopenia. The $915m potential deal value is dwarfed by the $1.5bn that Sobi shelled out for US rights to Astrazeneca’s respiratory syncytial virus product Synagis last year, but Doptelet could be worth more to the Swedish group, according to EvaluatePharma’s NPV analyser. Sobi also struck another deal over the weekend, opting into development of Sanofi’s long-acting factor VIII replacement therapy, BIVV001, in haemophilia.

The value of Sobi's products
Product 2024e sales ($m) NPV ($m)
Eloctate* 572 1,704
Doptelet 398 1,213
Synagis* 282 1,101
Alprolix* 215 823
Kineret 187 791
Gamifant 198 746
Orfadin 42 119
*Sobi numbers only. Source: EvaluatePharma.

 

Recent deals by Sobi
Company/asset Deal type Fee Date
Dova Pharmaceuticals Acquisition Up to $915m Sep 30, 2019
BIVV001 (Sanofi) Opt-in $50m Sep 29, 2019
Emapalumab (Novimmune) Product acquisition $515m Jun 12, 2019
Synagis (Astrazeneca) Acquisition of US rights $1.5bn cash & stock Nov 13, 2018
Source: Company releases.

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