Sumitovant Biopharma will use debt financing to acquire Myovant

Chicago, Oct. 24 – Sumitovant Biopharma Ltd. announced an agreement to acquire Myovant Sciences Ltd. for $27.00 per share in cash, corresponding to a total transaction value of $1.7 billion and a total company value of $2.9 billion, according to a press release.

Sumitovant currently owns 52% of the shares of Myovant.

The transaction will be financed with a combination of cash on hand and external debt financing.

Sumitomo Mitsui Banking Corp. has provided a financing commitment.

The transaction is not subject to a financing condition.

J.P. Morgan Securities LLC is serving as financial adviser and Sullivan & Cromwell LLP is serving as legal counsel to Sumitovant and Sumitomo Pharma.

Goldman Sachs & Co. LLC is serving as financial adviser to the special committee of the board of directors of Myovant, and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel to the special committee.

Sumitovant is a wholly owned subsidiary of Sumitomo Pharma Co., Ltd. The parent is a pharmaceutical company based in Japan. Sumitovant is a technology-driven biopharmaceutical company. Myovant, founded in 2016, has executed phase 3 clinical trials addressing hormone-sensitive oncology and women’s health leading to five regulatory approvals in the United States and Europe.

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