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Sumitovant, Sumitomo Pharma approaches Myovant Sciences (MYOV) with $2.5 billion buyout offer

  • October 24, 2022


StockMyovant Sciences Ltd.SymbolMYOV
Date Announced10/01/2022Source Reuters
TypeNews Report
Date of Confirmation: 10/23/2022Price at Confirmation: $24.54
Potential Profit: 0.41%Annualized Profit: 6.79%

Sumitovant Biopharma Ltd., a wholly-owned subsidiary of Sumitomo Pharma Co, announced it has submitted a non-binding proposal to the Audit Committee of the Board of Directors of Myovant Sciences Ltd.  (MYOV) offering to acquire all outstanding shares of Myovant not already owned by Sumitovant for $22.75 per share in cash


October 2, 2022: Myovant Sciences Ltd (MYOV) rejected a $2.5 billion takeover offer from Sumitovant Biopharma and its parent group Sumitomo Pharma Co Ltd (4506.T) as the bid “significantly undervalues” the U.S. drugmaker.

October 23, 2022: Sumitovant Biopharma Ltd., in conjunction with parent company Sumitomo Pharma Co., Lt, and Myovant Sciences (MYOV) announced that they have entered into a definitive agreement pursuant to which Sumitovant will acquire all outstanding shares of Myovant not already owned by Sumitovant for $27.00 per share in cash.

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