Myovant board balks as majority owner Sumitomo swoops in with a $2.5B deal to buy them out
Three years after Sumitomo scooped up Roivant’s 46% stake in the publicly traded Myovant $MYOV as part of a 5-company, $3 billion deal, they’re coming back for the whole thing.
But these other investors at Myovant want more than what the Japanese pharma company is currently offering to pay at this stage.
Sumitomo is bidding $22.75 a share for the outstanding stock, which now represents 48% of the company after Sumitomo bumped its ownership since the original deal with Roivant. Myovant, however, created a special committee on the board, and they’re shaking their heads over the offer.
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