Sumitovant Biopharma, Sumitomo Pharma announce offer to acquire outstanding shares of Myovant Sciences | The Financial Express

Sumitovant Biopharma, Sumitomo Pharma announce offer to acquire outstanding shares of Myovant Sciences

According to the company’s press statement, the proposed transaction, if completed, would result in Myovant being delisted from the New York Stock Exchange (NYSE).

Sumitovant Biopharma, Sumitomo Pharma announce offer to acquire outstanding shares of Myovant Sciences
Delhi-NCR accounted for 40 percent of total consultations; recording a 46 percent increase. (File)

Sumitovant Biopharma Ltd. and its parent company Sumitomo Pharma Co., Ltd. announced on Sunday that it has submitted a non-binding proposal to the Audit Committee of the Board of Directors of Myovant Sciences Ltd. offering to acquire all outstanding shares of Myovant not already owned by Sumitovant for $22.75 per share in cash.

According to the company’s press statement, the proposed transaction, if completed, would result in Myovant being delisted from the New York Stock Exchange (NYSE).

“The proposed acquisition consideration represents an equity value for Myovant of $2.4 billion and an enterprise value of $2.5 billion. The proposed per share consideration represents a premium of approximately 27% to Myovant’s closing share price on September 30, 2022, and a premium of approximately 31% to the 60-day volume weighted average price of Myovant’s shares through September 30, 2022, the company stated on Sunday.

The company claims that the Proposal “is a natural step in the well-established relationship between Sumitovant and Myovant,” and represents an unprecedented opportunity to combine expertise, platforms, and resources to deliver innovative therapies addressing unmet patient needs in women’s health and prostate cancer.

“Since, the investment in Myovant in December 2019, both Sumitovant and Sumitomo Pharma have enjoyed a collaborative and successful relationship with Myovant that has facilitated the continued development and commercialization of Orgovyx and Myfembree in prostate cancer and women’s health in and outside of the U.S. Further, Sumitovant and Sumitomo Pharma believe that the Proposal is financially compelling and will create significant and immediate value for Myovant’s shareholders,” the company said in a statement on Sunday.

The Proposal provides that the proposed transaction will be subject to the approval of the shareholders of Myovant holding a majority of the shares not owned by Sumitovant, the company claimed.

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