Sumitomo Offers to Buy All of Myovant in $2.5 Billion Deal
Sumitomo Pharma headquarters in Osaka.
Source: Sumitomo Pharma Co.
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A fully-owned subsidiary of Sumitomo Pharma Co. offered to buy the remaining outstanding shares of pharmaceutical company Myovant Sciences Ltd., seeking to bolster the development of drugs for women’s health and prostate cancer.
Sumitomo Chemical Co., the parent of Sumitomo Pharma, owns 52% of Myovant, according to filings compiled by Bloomberg. The Japanese company is offering $22.75 a share in cash for Myovant, 27% higher than the drugmaker’s closing price on Sept. 30, through fully owned subsidiary Sumitovant Biopharma Ltd., they said in a statement Monday.