NVS - Here's Why Dova Pharmaceuticals Stock Is Rocketing Higher Today
Shares of Dova Pharmaceuticals (NASDAQ: DOVA), a biopharmaceutical company focused on rare blood-based diseases, leapt higher following a generous buyout offer. The European rare-disease drugmaker Sobi (OTC: SWTUY) will acquire Dova for up to $29 per share, which is around 45% more than the stock's previous day closing price. Shares were up 38.6% as of 11:35 a.m. EDT on Monday.
Sales of Dova's lead drug, a platelet boosting therapy called Doptelet, haven't been nearly as strong as expected since launching last year. Strong competition from Promacta, which is marketed by Novartis (NYSE: NVS) is largely to blame.
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