Myovant Science rises after rejecting $2.5 bln buyout bid from Sumitomo Pharma

Sumitomo Pharma

03/10/2022 11:26

** Myovant Science's shares  MYOV.N  jump 26.2% to $22.6
before the bell
    ** Sumitomo Pharma Co Ltd  4506.T  on Sunday proposed to buy
all the remaining shares of MYOV for $22.75 per share in cash,
which is nearly a premium of ~26.7% to its last close
 urn:newsml:reuters.com:*:nL4N3130JZ
    ** MYOV said it has rejected the $2.5 billion takeover offer
as the bid "significantly undervalues" the company 
    ** Sumitomo Pharma currently holds about 52% of the
outstanding shares in MYOV
    ** Up to Friday's close, stock had risen ~15% YTD 
 (Reporting by Khushi Mandowara)
 ((Khushi.Mandowara@thomsonreuters.com;))