Myovant Sciences Special Committee of Board Confirms

BASEL, Switzerland, Oct. 02, 2022 (GLOBE NEWSWIRE) — Myovant Sciences Ltd. (NYSE: MYOV) (the “Company”) confirmed in the present day that it has acquired a preliminary, non-binding proposal (the “Proposal”) from Sumitovant Biopharma Ltd. (“Sumitovant”) and Sumitomo Pharma Co., Ltd. (collectively with Sumitovant, “Sumitomo”) to accumulate the remaining shares of the Company that Sumitovant doesn’t at present maintain, for a worth of $22.75 per share in money. Sumitovant at present holds roughly 52% of the excellent shares of the Company.

The Company’s board of administrators has fashioned a particular committee of unbiased administrators comprised of the members of the Audit Committee of the Company (the “Special Committee”) to guage and take into account the Proposal and any options thereto, with the help of its monetary and authorized advisors. The Special Committee, in session with its monetary and authorized advisors, has fastidiously reviewed the Proposal and decided that it considerably undervalues the Company and, subsequently, isn’t in the very best pursuits of the Company or its minority shareholders. The Special Committee stays open to contemplating any improved proposal that displays the complete and honest worth of the Company and is in any other case in the very best pursuits of the Company and its shareholders, and is ready to have interaction additional with Sumitomo relating to any such proposal.

There might be no assurance as as to whether an settlement regarding any proposed transaction will probably be reached or as to the phrases thereof if an settlement is reached. The Company doesn’t intend to remark additional or disclose any developments relating to the Special Committee’s consideration of the Proposal except and till it deems additional disclosure is suitable or required. The Company’s shareholders don’t must take any motion presently.

The Special Committee has retained Goldman Sachs & Co. LLC as its monetary advisor, and Skadden, Arps, Slate, Meagher & Flom LLP as its authorized advisor to help with its overview of the Proposal and any options thereto.

ABOUT MYOVANT SCIENCES

Myovant Sciences aspires to redefine care for girls and for males by purpose-driven science, empowering medicines, and transformative advocacy. Founded in 2016, Myovant has executed 5 profitable Phase 3 scientific trials throughout oncology and girls’s well being main to a few regulatory approvals by the U.S. Food and Drug Administration (FDA) for males with superior prostate most cancers, ladies with heavy menstrual bleeding related to uterine fibroids, and premenopausal ladies with reasonable to extreme ache related to endometriosis, respectively. Myovant additionally has acquired regulatory approvals by the European Commission (EC) and the United Kingdom Medicines and Healthcare Products Regulatory Agency (MHRA) for girls with symptomatic uterine fibroids and for males with superior hormone-sensitive prostate most cancers. Myovant has a supplemental New Drug Application beneath overview with the FDA for updates to the United States Prescribing Information (USPI) based mostly on security and efficacy information from the Phase 3 LIBERTY randomized withdrawal research (RWS) of MYFEMBREE in premenopausal ladies with heavy menstrual bleeding attributable to uterine fibroids for as much as two years. Myovant is also conducting a Phase 3 research to guage the prevention of being pregnant in ladies with uterine fibroids or endometriosis. Myovant is also creating MVT-602, an investigational oligopeptide kisspeptin-1 receptor agonist, which has accomplished a Phase 2a research for feminine infertility as half of assisted copy. Sumitovant Biopharma, Ltd., a completely owned subsidiary of Sumitomo Pharma Co., Ltd., is Myovant’s majority shareholder. For extra info, please go to www.myovant.com. Follow @Myovant on Twitter and LinkedIn.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This press launch accommodates forward-looking statements inside the that means of the Private Securities Litigation Reform Act of 1995. Statements together with phrases reminiscent of “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plan,” “will,” “may,” “look forward,” “intend,” “guidance,” “future” or related expressions are forward-looking statements. Because these statements replicate the Company’s present views, expectations and beliefs regarding future occasions, these forward-looking statements contain dangers and uncertainties. Forward-looking statements on this press launch embrace statements relating to the proposed transaction. Factors that would trigger precise outcomes of the Company to vary materially from these contemplated or implied by the statements on this communication embrace uncertainties as as to whether an settlement relating to the proposed transaction will probably be negotiated and executed; adverse results from the pendency of the proposed transaction; uncertainties as as to whether the Company’s board of administrators or the Special Committee will approve any transaction; the danger that required Company shareholders approvals of the proposed transaction won’t be obtained or that such approvals will probably be delayed or conditioned past present expectations; the timing of the proposed transaction and whether or not the proposed transaction will probably be accomplished; failure to comprehend contemplated advantages from the proposed transaction; and incurrence of vital prices in reference to the proposed transaction. Investors ought to notice that many elements, as extra absolutely described beneath the caption “Risk Factors” and elsewhere within the Company’s Form 10-Okay, Form 10-Q and Form 8-Okay filings with the Securities and Exchange Commission and as in any other case enumerated herein, might have an effect on the Company’s future monetary outcomes and will trigger precise outcomes to vary materially from these expressed in such forward-looking statements. The forward-looking statements on this press launch are certified by these threat elements. These are elements that, individually or within the mixture, might trigger the Company’s precise outcomes to vary materially from anticipated and historic outcomes. These dangers should not exhaustive. New threat elements emerge now and again and it’s not doable for the Company’s administration to foretell all threat elements, nor can the Company assess the impression of all elements on its business or the extent to which any issue, or mixture of elements, could trigger precise outcomes to vary materially from these contained in any forward-looking statements. You shouldn’t place undue reliance on any forward-looking statements on this press launch, which communicate solely as of the date hereof, and, besides as required by regulation, the Company undertakes no obligation to replace these forward-looking statements to replicate occasions or circumstances after the date of such statements.

Investor Contact:
Uneek Mehra
Chief Financial and Business Officer
Myovant Sciences, Inc.
[email protected]

Media Contact:
Noelle Cloud Dugan
Vice President, Corporate Communication
Myovant Sciences, Inc.
[email protected]