The revised terms of Sumitovant Biopharma Ltd.’s bid to purchase the portion of outstanding Myovant Sciences Ltd. shares that it does not own brings revenue-generating products fully into parent company Sumitomo Pharma Co., Ltd.’s portfolio at a critical time. And in addition to generating a better return for Myovant’s minority shareholders, the deal, announced on 24 October, increases the resources behind the smaller firm’s women’s health and prostate cancer drug portfolio.
Myovant Accepts Higher Sumitovant Offer In Deal That Values It At $2.9bn
Women’s Health, Prostate Cancer Assets To Get A Boost
Sumitovant, a Sumitomo subsidiary, will pay $27 per share for the 48% of Myovant shares it does not already own, for a deal value of $1.7bn, up from a $22.75-per-share bid in early October.
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