Sumitovant Closes Myovant Purchase
US biopharma Sumitovant – a wholly owned subsidiary of Japan’s Sumitomo Pharma – has closed its purchase of the remaining equity in Myovant Sciences, taking full control of the Swiss clinical-stage biopharma for about $1.7 billion. Myovant will now be delisted from the New York Stock Exchange.
“We are excited to have officially completed our acquisition of Myovant and look forward to working together to address unmet needs in women’s health and prostate cancer,” said Sumitovant’s CEO Myrtle Potter. “By combining our unique expertise, platforms and resources, we will be better positioned to drive the growth of Myovant’s products and accelerate the development of our robust combined pipeline.”
Prior to its takeover, Sumitovant was Myovant’s largest shareholder with a 52% stake. It said it had invested about $600 million into the Basel-based pharma over the past several years to support the development of new drugs to treat advanced prostate cancer (Orgovyx), and uterine fibroids and endometriosis (Myfembree).
Last October, Myovant rejected a first offer from Sumitovant, saying it significantly undervalued the company.
Author: Elaine Burridge, Freelance Journalist
