Sumitovant Biopharma has closed the acquisition of Myovant Sciences in an all-cash deal with a total transaction value of around $1.7bn.
The deal was announced on 23 October 2022.
Sumitovant has acquired all outstanding shares of Myovant it did not own through the all-cash deal.
Following the completion of the transaction, Myovant will be delisted from the New York Stock Exchange.
Sumitovant CEO Myrtle Potter said: “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.
“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.”
Sumitovant is a completely owned subsidiary of Sumitomo Pharma.
Sumitomo Pharma CEO Hiroshi Nomura said: “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.”
Myovant CEO David Marek said: “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 programmes.
“We remain steadfast in our commitment to advance life-changing medicine and health equity for the patient communities we serve.”
Since its establishment in 2016, Myovant has received five regulatory approvals in the US and Europe for its products ORGOVYX and MYFEMBREE in hormone-sensitive oncology and women’s health, respectively.
J.P. Morgan Securities acted as financial advisor and Sullivan & Cromwell as legal counsel to Sumitovant and Sumitomo Pharma.
Goldman Sachs & Co acted as financial advisor to the special committee of the board of directors of Myovant, while Skadden, Arps, Slate, Meagher & Flom served as legal counsel to the special committee.