Myovant Sciences gains on takeover by Sumitomo Pharma

Sumitomo Pharma

24/10/2022 11:30

** Shares of Myovant Sciences Ltd  MYOV.N  up 7.6% at $26.40
premarket
    ** Sumitomo Pharma Co  4506.T  and a subsidiary said on
Sunday they reached an agreement to purchase the remaining
shares of MYOV, valuing it at about $2.59 bln  urn:newsml:reuters.com:*:nL4N31P0ZV
    ** Cos agreed to buy rest of MYOV shares for $27/shr,
representing a 10% premium to stock's last close
    ** Cos already hold about 52% of Myovant's outstanding stock
    ** Earlier this month, MYOV had rejected a lower offer from
the cos  urn:newsml:reuters.com:*:nL4N3130JZ
    ** As of last close, stock up ~58% YTD
 (Reporting by Raghav Mahobe)
 ((Raghav.Mahobe@thomsonreuters.com;))