Myovant Sciences Ltd (NYSE: MYOV) shares are trading higher Monday after the company announced it will be acquired by Sumitovant Biopharma for $27 per share in cash.
Sumitovant and its subsidiaries entered into a definitive agreement to purchase the remaining shares of Myovant for $27 per share. Sumitovant currently owns approximately 52% of the outstanding shares of Myovant.
"We are pleased to have reached an agreement with Sumitovant and Sumitomo Pharma that recognizes the remarkable success Myovant has achieved," said David Marek, CEO of Myovant.
The transaction is expected to close in the first quarter of 2023. Upon completion of the merger, Myovant’s common shares will cease to be listed on the New York Stock Exchange. If Myovant terminates the agreement before completion, the company will be required to pay a $55.25 million termination fee.
Myovant aims to redefine patient care through purpose-driven science, empowering medicines and transformative advocacy worldwide.
MYOV Price Action: Myovant is making new 52-week highs on Monday.
The stock was up 8.44% at $26.61 at time of publication, according to Benzinga Pro.
Photo: Michal Jarmoluk from Pixabay.
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