Sumitomo Biopharma acquires control of Urovant and with it vibegron a proposed treatment for overactive bladder

Sumitovant Biopharma and Urovant Sciences announced that they have entered into a definitive merger agreement for Sumitovant to acquire the outstanding shares of Urovant common stock not already owned by Sumitovant at a price of $16.25 per share in cash. Sumitovant currently owns 72% of the outstanding shares of Urovant common stock.The acquisition consideration represents an equity value for Urovant of $584 million and an enterprise value of $681 million. The per share consideration represents a premium of 96% to Urovant's closing price on 12 November 2020, and a premium of 92% to Urovant's 30-day volume weighted average share price on November 12, 2020. The merger agreement has been unanimously approved by a special committee of Urovant's Board of Directors. The special committee of Urovant's Board of Directors has recommended that Urovant's shareholders vote in favor of the transaction. Urovant's most advanced medicine is vibegron, whici is under review at the FDA with an approval decision expected to come by 26 December 2020. Clinical trials found vibegron positive for the treatment of overactive bladder have overactive bladders