bullish
Myovant Sciences (MYOV US): Rejects Sumitomo’s $2.5B Bid; Remains Open for Better Offer
407 Views07 Oct 2022 18:30
SUMMARY
- Myovant Sciences (MYOV US) rejected $2.5 billion takeover offer from its largest shareholder, Sumitomo Dainippon Pharma Co (4506 JP), as the bid significantly undervalues the company.
- Amid its tight cash situation, upcoming patent cliff, and ongoing late-stage clinical trials, Sumitomo is not expected to revise its offer upward.
- New acquisition offer from marketing partner Pfizer is the most likely scenario. Even if the company does not receive any takeover offer, Myovant is capable of running its operating activities.
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Tina Banerjee
Global Healthcare Analyst
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