Sumitovant scoops up Urovant Sciences

Nov. 13, 2020

Urovant Sciences has agreed to be acquired by its largest shareholder, Sumitovant Biopharma, as the biotech awaits an FDA decision on its lead asset.

Under the agreement, Sumitovant Biopharma will acquire Urovant Sciences for $16.25 a share or about $584 million in an all-cash merger.

Urovant, a California-based clinical-stage biopharma company, is focused on developing and commercializing innovative therapies for urologic conditions. It's lead product candidate, vibegron, is an oral, once-daily small molecule beta-3 agonist that is being evaluated for overactive bladder.

The U.S. FDA is expected to rule on the new drug application for vibegron by Dec. 26. The FDA decision will focus on data from a randomized phase 3 trial of 1,500 overactive bladder patients. If approved, vibegron could be positioned as a rival to Astellas’ overactive bladder disorder treatment, Myrbetriq.

The privately held Sumitovant has offices in New York and London and is a wholly-owned subsidiary of Japan-based Sumitomo Dainippon Pharma.

The transaction is expected to close in the first quarter of 2021

Read the press release