Oct. 3 Quick Takes: Myovant open to sweeter Sumitovant proposal
Plus Alloy raises series D and updates from Omeros, NeuShen
Myovant Sciences GmbH (NYSE:MYOV) is open to discussing its acquisition by Sumitovant Biopharma Inc. and Sumitomo Pharma Co. Ltd., if the Japanese company sweetens its deal. A special committee formed by Myovant’s board said Sumitovant’s offer of $22.75 per share in cash — a premium of 27% compared with Friday’s close of $17.95 — to acquire the 48% of the company it does not own “significantly undervalues” Myovant. Myovant rose $6.48 (36%) to $24.44 on Monday, ending the session with a market cap of $2.3 billion. Sumitomo agreed to pay $3 billion to acquire Roivant's stakes’ in five of its “vants” in 2019.
A $42 million series D financing with enable Alloy Therapeutics Inc. to enlarge the discovery technology and service toolbox it uses to support biologic drug developers. The company launched commercially with a transgenic mouse model for antibody discovery in 2019, subsequently expanding into six modalities: including antibodies, TCRs, genetic medicines, peptides, cell therapies, and drug delivery. The financing was led by existing investors 8VC and Mubadala Capital, with participation from existing investors Thiel Capital, Presight Capital, Founders Fund, and undisclosed family offices and sovereign wealth funds. ...