Sumitovant Biopharma acquires all outstanding shares of Myovant for $27 per share in cash

The combination provides expertise and resources to address unmet patient needs in women’s health and prostate cancer

Agreement unanimously recommended by the Select Committee of Myovant Independent Directors and approved by the Board

NEW YORK and BASEL, Switzerland and OSAKA, Japan, Oct. 23, 2022 (GLOBE NEWSWIRE) — Sumitovant Biopharma Ltd. (“Sumitovant”), together with its parent company, Sumitomo Pharma Co., Ltd. (“Sumitomo Pharma”) , and Myovant Sciences (“Myovant”) MYOV announced today that they have entered into a definitive agreement whereby Sumitovant will acquire all outstanding shares of Myovant not already owned by Sumitovant for $27.00 per share in cash. This represents a total transaction value of $1.7 billion on a fully diluted basis and a total enterprise 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 fully described in Sumitovant’s Schedule 13D/A filed with the US Securities and Exchange Commission (the “SEC”).

The purchase price represents a premium of approximately 50% to the closing price of Myovant shares on September 30, 2022, the last trading day before Sumitovant’s first non-binding offer, and a premium of approximately 55% to the 60-day volume-weighted average price of the shares Shares of Myovant until September 30, 2022. The agreement was approved by the boards of directors of Sumitovant and Sumitomo Pharma and unanimously recommended by a special committee of Myovant’s independent directors and, based on that recommendation, approved by the full board of directors with the directors-designate of Sumitovant each other withdraw and abstain from the deliberations and voting.

“This transaction represents an industry-leading opportunity to combine unique expertise, platforms and resources to bring products to Myovants…