$3bn Roivant Deal To Fill Holes At Dainippon
Executive Summary
Facing looming expiries for its top product, Japan’s Sumitomo Dainippon is planning to acquire multiple "vant" companies and their portfolios of clinical stage assets from Roivant, in a move to address mid-term challenges to revenues and following recent late-stage development failures.
You may also be interested in...
Finance Watch: Lucky Few Raise Cash While Many Public Biotechs Cut Costs
Public Company Edition: ImmunoGen received the first $75m under a $175m term loan, while Protagonist raised $100m in a follow-on offering, but companies with bankruptcy filings and job cuts outpaced those accessing new capital by a wide margin in late March and early April.
Myovant Accepts Higher Sumitovant Offer In Deal That Values It At $2.9bn
Sumitovant, a Sumitomo subsidiary, will pay $27 per share for the 48% of Myovant shares it does not already own, for a deal value of $1.7bn, up from a $22.75-per-share bid in early October.
Myovant Spurns Sumitovant Offer, Remains Open To Higher-Value Deal
Sumitovant offered $22.75 per share in cash, valuing Myovant at $2.4bn total, to acquire what it does not hold as a result of its 2019 agreement to buy majority shares of five Roivant companies.