Sign In
Step 1
Unite with Fellow Investors
Step 2
Choose the Best Attorney
Step 3
Provide Documents
Step 4
Follow Case Progress
Step 5
Get Payout
MYOV.US
id: 821

Myovant Sciences (MYOV) M&A Case

S.D. New York
Court
1:23-cv-08097
Case number
23 Oct 2022
Class period Start
20 Jan 2023
Class period End
13 Nov 2023
Lead Plaintiff motion deadline
  • Myovant Sciences was acquired by Sumitovant of Sumitomo Pharma for $27.00 per share in cash via a merger transaction.
  • Based on J.P. Morgan's valuations for $MYOV, Sumitovant was willing to pay $29.50 per share in a competitive bidding scenario.
  • Investors suspect that they were misled in voting for a merger at a price that was less than Myovant’s full and fair value.
On October 23, 2022, Myovant and Sumitomo Pharma jointly announced that Sumitovant agreed to acquire all $MYOV stocks for $27.00 per share in cash via a merger transaction.
  • Sumitovant, a wholly owned subsidiary of Sumitomo Pharma, already owned 51.76% of the Myovant common shares.
  • The Proxy stated that the Merger voting was expressly conditioned on the approval of a majority of the Minority Myovant Shareholders.
Based on the valuations of Myovant conducted by J.P. Morgan, Sumitovant would have been willing to pay as high as $29.50 per share for Myovant if only the Special Committee had increased its negotiating leverage by soliciting competing bids. Instead, in consultation with Goldman and a conflicted Skadden, the Special Committee elected not to reach out to third parties, which deprived the Special Committee of negotiating leverage it could have used to secure a higher price from Sumitovant.

Taking all facts into account, Investors have reasons to suspect that Myovant and Accountables misled a majority of Minority Myovant Shareholders into voting to approve the Merger on March 1, 2023, at a price that was less than Myovant’s full and fair value.
Alleged Offence
Misleading Statements
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Investment Bank
Service Provider
Security Type
Stocks
Trade Direction
Long
Shock Event Date
20 January 2023
Filing date
13 September 2023
Lead Plaintiff Deadline
13 November 2023
Collecting participants…

Myovant Sciences Ltd

Myovant Sciences Ltd., a biopharmaceutical company, develops redefine care for women and for men. The company's lead product is relugolix, an oral, once-daily, small molecule that acts as a gonadot...

    Ticker
    MYOV.US
    ISIN
    USG637AM1021
    CIK
    1679082
    Sector
    Healthcare
    Industry
    Biotechnology
    Country
    USA
    Address
    11-12 St. James?s Square, London, United Kingdom, SW1Y 4LB