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

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