Sumitomo Pharma Co.,, Ltd and Sumitovant Biopharma acquire Myovant Sciences.
Sumitovant Biopharma Ltd. in conjunction with parent company Sumitomo Pharma Co., Ltd. and Myovant Sciences announced that they have entered into a definitive agreement pursuant to which Sumitovant will acquire all outstanding shares of Myovant not already owned by Sumitovant for $27.00 per share in cash
This corresponds to a total transaction value of $1.7 billion on a fully diluted basis, and a total company value of $2.9 billion on a fully diluted basis. Sumitovant currently beneficially owns 52% of the issued and outstanding shares of Myovant as more particularly described in Sumitovant’s Schedule 13D/A filed with the U.S. Securities and Exchange Commission. “This transaction represents an industry-leading opportunity to combine unique expertise, platforms, and resources to successfully commercialize products in Myovant’s program and to accelerate development of a robust pipeline addressing patient needs in women’s health and prostate cancer,” said Myrtle Potter, CEO of Sumitovant.
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