Sumitovant Biopharma To Acquire Full Ownership in Myovant Sciences for $1.7 Bn

Sumitovant Biopharma, a Tokyo-based bio/pharmaceutical company and subsidiary of Sumitomo Pharma, has agreed to acquire for $1.7 billion the remaining 52% stake it does not already own in Myovant Sciences, a Basel, Switzerland-based bio/pharmaceutical company. Sumitovant currently holds a 48% stake.

Formed in 2019, Sumitovant Biopharma was founded through a $3-billion strategic alliance between Roivant Sciences, a bio/pharmaceutical and healthcare company and Sumitomo Pharma, the parent company of Sumitovant. Roivant Sciences consists of multiple wholly owned or majority-owned bio/pharmaceutical subsidiaries (so-called “Vants”), each focused on a different disease area. The company employs a “hub and spoke” model for research and development, whereby each bio/pharmaceutical subsidiary functions as an independent entity (“spoke”) using shared resources from the parent (“hub”). Other Vants consist of technology-based platforms that support the operations of the bio/pharmaceutical Vants.

Myovant Sciences, focused on women’s health and prostate cancer, was one of five bio/pharma companies for which Roivant transferred its ownership interest to Sumitomo Pharma. The others were: Urovant Sciences (urinary diseases), Enzyvant Therapeutics (pediatric rare diseases), Altavant Sciences (respiratory rare diseases) and Spirovant Sciences (genetic lung disease).

Myovant’s two commercial products are Orgovyx (relugolix) for treating advanced prostate cancer, and Myfembree (relugolix, estradiol, and norethindrone acetate), used to control heavy menstrual bleeding due to uterine fibroids.

The transaction is expected to close in the first quarter of 2023, subject to customary closing conditions, including obtaining the requisite regulatory approvals and approval by Myovant shareholders. The agreement has been approved by the boards of Sumitovant, Sumitomo Pharma, and Myovant. Upon closing, Myovant will become a subsidiary of Sumitovant.

Source: Sumitomo Pharma