Sumitovant Biopharma to acquire balance shares in Urovant Sciences for $16.25/share

Nov. 12, 2020 5:34 PM ETUrovant Sciences Ltd. (UROV)By: Gaurav Batavia, SA News Editor12 Comments
  • Sumitovant Biopharma to acquire the balance 28% shares shares in Urovant Sciences for $16.25/share, or ~$584M, in an all-cash merger. Sumitovant is largest shareholder with ~72% equity ownership of the company.
  • The price represents a 96% premium over the closing share price of $8.28 on November 12, 2020, and a premium of 92% to 30-day volume weighted average share price on November 12, 2020.
  • The offer was unanimously approved by the boards of directors of Urovant and Sumitovant.
  • A wholly owned subsidiary of Sumitovant will merge with and into Urovant, with Urovant surviving the merger as a wholly owned subsidiary of Sumitovant.
  • In the merger, all outstanding shares of Urovant stock (other than those held by Sumitovant) will be cancelled and converted into the right to receive $16.25/share.
  • The transaction is expected to close in the first quarter of 2021.
  • The company continues to expect FDA action on its New Drug Application submission for vibegron in the U.S. by December 26, 2020.
  • UROV +88% after-hours to $15.6
  • Source: Press release

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