Sumitovant Biopharma Ltd. entered into a non-binding proposal to acquire remaining 47.83% stake in Myovant Sciences Ltd. (NYSE:MYOV) for $1.2 billion on October 2, 2022. As part of the proposal, Sumitovant will acquire the remaining shares of Myovant that Sumitovant does not currently hold, for a price of $22.75 per share in cash. The proposed acquisition consideration represents an equity value for Myovant of $2.4 billion and an enterprise value of $2.5 billion. The proposed transaction, if completed, would result in Myovant being delisted from the New York Stock Exchange (NYSE). Sumitovant currently holds approximately 52% of the outstanding shares of Myovant. Myovant's board of directors has formed a special committee of independent directors comprised of the members of the Audit Committee of Myovant (the “Special Committee”). The transaction is subject to the approval of the shareholders and Board of Directors of Myovant. Goldman Sachs & Co. LLC acted as financial advisor and Thomas W. Greenberg of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to special committee of Myovant. J.P. Morgan Securities LLC acted as financial advisor and Sullivan & Cromwell LLP acted as legal counsel to Sumitovant and Sumitomo Pharma Co., Ltd. (TSE:4506).

Sumitovant Biopharma Ltd. cancelled the acquisition of remaining 47.83% stake in Myovant Sciences Ltd. (NYSE:MYOV) on October 2, 2022.