Myovant Accepts Higher Sumitovant Offer In Deal That Values It At $2.9bn

Women’s Health, Prostate Cancer Assets To Get A Boost

 
• By Mandy Jackson
  
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Sumitovant, a Sumitomo subsidiary, will pay $27 per share for the 48% of Myovant shares it does not already own, for a deal value of $1.7bn, up from a $22.75-per-share bid in early October.

Big fish eats smaller fish
Sumitomo subsidiary Sumitovant is buying the remaining shares of Myovant • Source: Shutterstock

The revised terms of Sumitovant Biopharma Ltd.’s bid to purchase the portion of outstanding Myovant Sciences Ltd. shares that it does not own brings revenue-generating products fully into parent company Sumitomo Pharma Co., Ltd.’s portfolio at a critical time. And in addition to generating a better return for Myovant’s minority shareholders, the deal, announced on 24 October, increases the resources behind the smaller firm’s women’s health and prostate cancer drug portfolio.

Sumitovant, a wholly owned Sumitomo subsidiary, already owns 52% of Myovant’s shares but it now has agreed to pay $27...

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