Sumitovant Biopharma acquires remaining stake in Urovant Sciences
Clients Sumitomo Chemical Co., Ltd.
Jones Day is advising Sumitovant Biopharma in its acquisition of all of the outstanding shares of Urovant Sciences Ltd. not already owned by Sumitovant at a price of $16.25 per share in cash. Sumitovant currently owns 72% of the outstanding shares of Urovant common stock. The acquisition consideration represents an equity value for Urovant of $584 million and an enterprise value of $681 million. Upon closing, which is expected to take place in the first quarter of 2021, Urovant will become a wholly owned subsidiary of Sumitovant and Urovant’s common stock will cease trading on the Nasdaq stock market.