Myovant Inventory Soars After Rejecting $2.5 Billion Sumitomo Bid

Shares in

Myovant Sciences

leapt in early trading Monday after the company said that it had rejected a takeover offer from its majority shareholder, Japan’s

Sumitomo Pharma

(4506. JAPAN). 

Sumitomo, via its subsidiary Sumitovant Biopharma made a $22.75-a-share offer for the rest of


shares, at an enterprise value of $2.5 billion. The offer came at a 27% premium to Myovant’s previous market price – It had closed at $17.96 Friday. Sumitovant currently holds a 52% stake in Myovant (ticker:MYOV). 

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