Myovant Sciences rejects USD 2.5 billion takeover offer from Sumitovant, Sumitomo Pharma
US: Myovant Sciences Ltd said on Sunday it rejected a $2.5 billion takeover offer from Sumitovant Biopharma and its parent group Sumitomo Pharma Co Ltd as the bid "significantly undervalues" the U.S. drugmaker.Sumitovant, which currently holds approximately 52% of the outstanding shares in Myovant Sciences, and Sumitomo Pharma had submitted a proposal to acquire the remaining shares in...
Login or Register to read the full article
US: Myovant Sciences Ltd said on Sunday it rejected a $2.5 billion takeover offer from Sumitovant Biopharma and its parent group Sumitomo Pharma Co Ltd as the bid "significantly undervalues" the U.S. drugmaker.
Sumitovant, which currently holds approximately 52% of the outstanding shares in Myovant Sciences, and Sumitomo Pharma had submitted a proposal to acquire the remaining shares in the drugmaker for $22.75 per share in cash, according to a statement.
The special committee has carefully reviewed the proposal and determined that it significantly undervalues the company and is not in the best interests of the company or its minority shareholders, Myovant Sciences said, adding it remains open to considering any improved proposal that reflects the "full and fair value" of the firm.
The proposed acquisition consideration represents an equity value of $2.4 billion and an enterprise value of $2.5 billion, Sumitovant Biopharma said in a separate statement.
Our comments section is governed by our Comments Policy . By posting comments at Medical Dialogues you automatically agree with our Comments Policy , Terms And Conditions and Privacy Policy .
Disclaimer: This site is primarily intended for healthcare professionals. Any content/information on this website does not replace the advice of medical and/or health professionals and should not be construed as medical/diagnostic advice/endorsement/treatment or prescription. Use of this site is subject to our terms of use, privacy policy, advertisement policy. © 2024 Minerva Medical Treatment Pvt Ltd