Sumitomo to Purchase Myovant for $2.9 Billion
Sumitomo subsidiary Sumitovant has entered into a purchase agreement to acquire all Myovant’s outstanding shares — gaining one promising cancer drug and another for treatment of premenopausal conditions.
Sumitovant will gain access to Orgovyx (relugolix), an oral drug FDA-approved for the treatment of adult patients with advanced prostate cancer and to Myfembree (relugolix, estradiol and norethindrone acetate), which is indicated for treatment of premenopausal women for the management of heavy menstrual bleeding associated with uterine fibroids and the management of moderate-to-severe pain associated with endometriosis.
Myovant and Pfizer inked a collaboration deal for relugolix in December 2020 to develop the drug for cancer and women’s health in the U.S. and Canada.
Sumitovant previously offered a purchase deal valued at $2.5 billion but that was turned down. The new deal, valued at $2.9 billion, is expected to close in the first quarter of 2023.
About Sumitovant Biopharma Ltd.
Sumitovant is a technology-driven biopharmaceutical company accelerating development and commercialization of new potential therapies for patients with rare conditions and other diseases. Through proprietary computing and data platforms, scientific expertise and diverse company portfolio, Sumitovant has supported development of multiple FDA-approved products and a robust pipeline of early- through late-stage investigational assets addressing unmet patient needs in pediatrics, urology, oncology, women's health, specialty respiratory and infectious diseases. Sumitovant is a wholly owned subsidiary of Sumitomo Pharma.
About Sumitomo Pharma Co., Ltd.
Sumitomo Pharma is among the top-ten listed pharmaceutical companies in Japan, operating globally in major pharmaceutical markets, including Japan, the U.S., China, and other Asian countries with about 7,000 employees worldwide. Sumitomo Pharma defines its corporate mission as "To broadly contribute to society through value creation based on innovative research and development activities for the betterment of healthcare and fuller lives of people worldwide."
About Myovant Sciences
Myovant Sciences aspires to redefine care for women and men through purpose-driven science, empowering medicines, and transformative advocacy worldwide. Founded in 2016, Myovant has executed five successful Phase 3 clinical trials across hormone-sensitive oncology and women’s health leading to five regulatory approvals in the United States and Europe. Myovant and its partners continue to file for additional indications of its lead products as well as continue further development of pipeline assets. Sumitovant Biopharma Ltd., a wholly owned subsidiary of Sumitomo Pharma Co., Ltd., is Myovant’s majority shareholder.
October 25, 2022
