Company: Dova Pharmaceuticals, Inc.
Symbol: DOVA
Description: They are a pharmaceutical company focused on acquiring, developing and commercializing drug candidates for diseases that are treated by specialist physicians, with an initial focus on addressing thrombocytopenia, a disorder characterized by a low blood platelet count.
Shares: 4.1 million
Price Range: $15.00-$17.00
Trade Date: 6/29
Underwriter(s): J.P. Morgan, Jefferies, Leerink Partners
Investor Access: This deal can be accessed via the three main underwriters. Additionally, Motif had access for retail but indications for the offering have now closed.
Business:
They have recently completed two identically designed pivotal Phase 3 clinical trials that evaluated avatrombopag for the treatment of thrombocytopenia in patients with chronic liver disease, or CLD, undergoing non-emergent minimally to moderately invasive medical procedures. Avatrombopag met the primary and secondary endpoints in each of these clinical trials with high statistical significance. Based on these results, a new drug application, or NDA, is planned for submission to the U.S. Food and Drug Administration, or FDA, for this initial indication in the third quarter of 2017.
They believe that avatrombopag may, therefore, have the potential to be used more broadly for patients with thrombocytopenia, including patients without CLD, and they are exploring regulatory and clinical development strategies that would support this expanded use. They hold the worldwide rights to avatrombopag for all current and future indications.
License Agreement: The primary intellectual property related to avatrombopag is licensed to us from Astellas on an exclusive, worldwide basis under the terms of a license agreement we acquired from Eisai in connection with our acquisition of the rights to avatrombopag from Eisai. Under the terms of the license agreement, we will be required to make aggregate milestone payments of up to $5.0 million to Astellas if certain regulatory milestones are achieved. In addition, we will be required to pay Astellas tiered royalties in the mid to high single-digit percentages on net sales of avatrombopag. No amounts have been accrued for any potential future milestone payments as such payments have not been deemed probable.
Comp / Sector Performance: Eight of ten healthcare IPOs have priced in-range so far in 2017 with two pricing above the range. The average gain at first trade for the Healthcare sector in 2017 is 6.3% and those nine deals have traded higher on average. The current gain for the Healthcare sector of the IPO market above its offering price is 18.7%.
(Numbers as of Monday (6.26.17) afternoon)
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