Sumitovant Biopharma, Sumitomo Pharma submit offer to buy Myovant Sciences in $2.5 billion deal

(Reuters) - Sumitovant Biopharma said on Sunday the company and its parent Sumitomo Pharma Co Ltd had submitted a non-binding offer to acquire Myovant Sciences Ltd.

The proposed acquisition consideration represents an equity value of $2.4 billion and an enterprise value of $2.5 billion, Sumitovant Biopharma said in a statement.

(Reporting by Anirudh Saligrama in Bengaluru)