Sumitovant acquires all shares in Myovant
Sumitovant is in the process of making Basel-based Myovant Sciences a wholly owned subsidiary by acquiring a 100 percent shareholding in the company for 27 dollars per share. As such, this transaction values the company at 2.9 billion US dollars overall. At present, Sumitovant has a stake of 52 percent in Myovant.
The US biopharmaceutical company Sumitovant, headquartered in New York, is to acquire all remaining shares in the Basel-based firm Myovant Sciences that it does not currently hold for 27 US dollars per share. This agreement has now been struck by Sumitovant Biopharma Ltd with the Japanese parent company Sumitomo Pharma and Myovant Sciences, further details of which can be found in a press release.
In this context, the company as a whole is valued at 2.9 billion US dollars, with the value of this transaction amounting to 1.7 billion US dollars overall. At present, Sumitovant holds 52 percent of the issued and outstanding shares of Myovant.
The transaction looks set to be closed in the first quarter of 2023, subject to the approval of regulatory authorities and Myovant shareholders, who hold a majority of the outstanding shares. Upon completion of the acquisition, Myovant’s shares will no longer be listed on the New York Stock Exchange. Sumitovant and Myovant were both founded as subsidiaries of the parent company Roivant, which has its global headquarters in Basel.
Accelerating Myovant’s product pipeline
The agreement has been approved by the boards of Sumitovant and Sumitomo Pharma in addition to the full Board of Directors of Myovant. The takeover is intended to accelerate the development of Myovant’s product pipeline in the areas of women’s health and prostate cancer.
“We look forward to harnessing the combined strength of our talented teams to bring needed therapies to patients sooner and are confident both Myovant and its employees will benefit from the greater resources Sumitovant can provide to further support business growth and career opportunities overall”, comments Myrtle Potter, CEO of Sumitovant, in the press release.