BASEL, Switzerland, Oct. 02, 2022 (GLOBE NEWSWIRE) — Myovant Sciences Ltd. MYOV (the “Company”) confirmed today that it has received a preliminary, non-binding offer (the “Offer”) from Sumitovant Biopharma Ltd. (“Sumitovant”) and Sumitomo Pharma Co.,Ltd. (collectively with Sumitovant, “Sumitomo”) to acquire the Company’s remaining shares not currently held by Sumitovant at a price of $22.75 per share in cash. Sumitovant currently holds approximately 52% of the company’s outstanding shares.

The Board of the Company has formed a special committee of independent directors composed of members of the Company’s Audit Committee (the “Select Committee”) to evaluate and consider the Proposal and any alternatives thereto, with the support of its financial and legal advisers. The Special Committee, in consultation with its financial and legal advisers, carefully reviewed the proposal and determined that it materially undervalues ​​the Company and is therefore not in the best interests of the Company or its minority shareholders. The Special Committee remains open to consideration of improved proposals that reflect the full and fair value of the company and are otherwise in the best interests of the company and its shareholders, and stands ready to continue working with Sumitomo on such proposals.

There can be no assurance that an agreement will be reached with respect to any proposed transaction, or on the terms if an agreement is reached. The Company does not intend to make any further comments or developments regarding the Special Committee’s consideration of the Proposal, unless it believes further disclosure is appropriate or necessary. The shareholders of the company do not have to take any action at this time.

The Special Committee has retained Goldman Sachs & Co. LLC as its financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as its legal advisor to assist in its review of the…