Sumitovant Biopharma has completed its acquisition of Myovant Sciences in an all-cash deal valued at approximately $1.7 billion. The acquisition involved Sumitovant acquiring all outstanding shares of Myovant not already owned by Sumitovant. As a result, Myovant will be delisted from the New York Stock Exchange, and its shares will no longer be publicly traded.
The two companies plan to combine their expertise, platforms, and resources to address unmet needs in women’s health and prostate cancer.
“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 Myrtle Potter, CEO of Sumitovant. “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.”
“I am confident that bringing together the capabilities and strengths of Sumitovant and Myovant will best position us to continue delivering innovative therapies to patients sooner and accelerate the potential opportunities for ORGOVYX and MYFEMBREE,” said Hiroshi Nomura, CEO of Sumitomo Pharma.
“I look forward to all we will be able to achieve with the support of Sumitovant and Sumitomo Pharma to expand the impact of our differentiated therapies and advance our clinical programs,” said David Marek, CEO of Myovant. “We remain steadfast in our commitment to advance life-changing medicine and health equity for the patient communities we serve.”