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Myovant Spurns Sumitovant Offer, Remains Open To Higher-Value Deal

Sumitomo Pharma Subsidiary Already Owns 52%

 
• By Mandy Jackson

Sumitovant offered $22.75 per share in cash, valuing Myovant at $2.4bn total, to acquire what it does not hold as a result of its 2019 agreement to buy majority shares of five Roivant companies. 

Balance of stones on a blue sky background
Myovant's board established a special committee to weigh Sumitovant's offer and future proposals • Source: Shutterstock

Myovant Sciences Ltd., buoyed by the recent upswing in its share price after achieving various milestones it laid out earlier in the year, has rejected an offer valuing it at $2.4bn from majority shareholder Sumitovant Biopharma Ltd., which wants to buy the 48% of the company it does not already own. Myovant said on 2 October that Sumitovant’s terms significantly undervalue the women’s health and prostate cancer firm, but it is prepared to consider other offers from the potential acquirer.

Sumitovant, a wholly owned subsidiary of Sumitomo Pharma Co., Ltd. (previously Sumitomo Dainippon Pharma Co. Ltd.; DSP), obtained its majority interests in Myovant and four other companies under a 2019 agreement with former Myovant parent company Roivant Sciences Ltd

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