Skip to main content

Sumitovant acquires all shares in Myovant

| News

Sumitovant acquires all shares in Myovant

24.10.2022

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.

You may also be interested in

Roche investing an additional 1.2 billion Swiss francs in Basel

Roche will be putting an additional 1.2 billion Swiss francs towards the renovation of its site in Basel. This investment...
Read More

Nouscom secures 67.5 million euros in financing

Biotech company Nouscom has raised 67.5 million euros in a series C financing round. The Basel-based firm intends to use...
Read More

How open innovation in healthtech hubs is fueling the rise of digital healthcare

How the ever-increasing uptake of digital solutions is enhancing patient engagement, increasing access to care and lowering the cost of...
Read More

Paradigm shift in pain management

Pain is a crucial sensation for survival, but it can also drive us to depression and long-term suffering if not...
Read More

Investors stump up 3.7 million Swiss francs in Onena Medicines

Onena Medicines has secured an investment of 3.7 million Swiss francs. The portfolio company of the biotech startup incubator BaseLaunch...
Read More