Sumitovant Biopharma to buy Myovant for $27 per share (updated)

Sumitomo Pharma

24/10/2022 05:04

(Adds details)
       Oct 23 (Reuters) - Sumitovant Biopharma Ltd, along with
parent Sumitomo Pharma Co Ltd  4506.T , has entered into a deal
to purchase all shares of Myovant Sciences  MYOV.N  it does not
already own for $27 per share, the companies said in a statement
on Sunday.
    Sumitovant currently owns about 52% of the outstanding
shares in Myovant, according to the statement.
    Myovant earlier this month rejected Sumitomo's proposal to
acquire the remaining shares for $22.75 per share saying the bid
significantly undervalued the U.S. drugmaker.  urn:newsml:reuters.com:*:nL4N3130JZ
        The new offer of $27 per share represents a premium of
over 11% to Myovant's last close.
 (Reporting by Ann Maria Shibu in Bengaluru; Editing by Shailesh
Kuber)
 ((AnnMaria.Shibu@thomsonreuters.com; +1 646 223 8780;  + 91 80
6749 2795;))