Sumitomo to Purchase Myovant for $2.9 Billion

Sumitomo subsidiary Sumitovant has entered into a purchase agreement to acquire all Myovant’s outstanding shares — gaining one promising cancer drug and another for treatment of premenopausal conditions.

Sumitovant will gain access to Orgovyx (relugolix), an oral drug FDA-approved for the treatment of adult patients with advanced prostate cancer and to Myfembree (relugolix, estradiol and norethindrone acetate), which is indicated for treatment of premenopausal women for the management of heavy menstrual bleeding associated with uterine fibroids and the management of moderate-to-severe pain associated with endometriosis.

Myovant and Pfizer inked a collaboration deal for relugolix in December 2020 to develop the drug for cancer and women’s health in the U.S. and Canada.

Sumitovant previously offered a purchase deal valued at $2.5 billion but that was turned down. The new deal, valued at $2.9 billion, is expected to close in the first quarter of 2023.