Myovant Sciences shares trading higher after agreeing to Sumitomo deal for $2.9 billion

Shares of Myovant Sciences Ltd. were up 8.2% in premarket trading on Monday, the day after the company said it will be acquired by Sumitomo Pharma Co. Ltd. for $2.9 billion for the remaining shares of Myovant. Sumitomo, which already owns 52% of the company, said it will pay $27.00 per share for the remaining shares. Earlier this month, Myovant rejected Sumitomo’s acquisition attempt for $22.75 per share. The boards at both companies have agreed to the deal, which is expected to close in the first quarter of next year. Myovant’s stock is up 57.6% this year, while the broader S&P 500 is down 21.2%.

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