Myovant Sciences Rejects $2.5 Billion Takeover Offer From Sumitovant, Sumitomo
UK-based Myovant Sciences has rejected a $2.5 billion takeover bid from Sumitovant Biopharma and its parent company Sumitomo Pharma.
Sumitovant already holds approximately 52 percent of Myovant’s shares of the company, but Myovant says the purchase offer undervalues the remaining shares.
In August, the FDA expanded its approval of Pfizer and Myovant’s oral drug Myfembree (relugolix, estradiol and norethindrone acetate) to include the management of moderate-to-severe pain associated with endometriosis in premenopausal women, with a treatment duration of up to 24 months.
The drug combines relugolix, a gonadotropin-releasing hormone receptor antagonist, estradiol, an estrogen, and norethindrone acetate, a progestin.
Myfembree is also approved for the management of heavy menstrual bleeding associated with uterine fibroids in premenopausal women.