MYOV - Myovant climbs 32% after rejection of $2.4B buyout offer
- U.K.-based biotech Myovant Sciences Ltd. ( NYSE: MYOV ) added ~32% pre-market Monday on rising volumes after the company announced that its board declined a $2.4B takeover offer from Sumitovant Biopharma, a unit of Japan-based Sumitomo Pharma.
- 100.3K company shares have changed hands compared to the 65-day volume of ~745.6K.
- Sumitovant, which holds nearly 52% of MYOV shares, had offered $22.75 apiece to acquire the company indicating a 27% premium to the MYOV’s Friday close.
- In a statement on Sunday, MYOV said that a special committee of the board rejected the buyout deal as the offer was not in the best interests of the company or its minority shareholders, and it “significantly undervalues” the business.
- MYOV commands a Strong Buy recommendation on Wall Street with only one Hold rating and five Buy ratings.
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Myovant climbs 32% after rejection of $2.4B buyout offer