FinancialBuzz.com’s latest The Buzz Show: Featuring Our Corporate News Recap on “Urovant Sciences Announces Definitive Agreement with Sumitovant Biopharma”
Urovant Sciences (NASDAQ: UROV) jumped over 93% in premarket trading after the company announced a definitive agreement in which Sumitovant Biopharma will acquire the company for $16.25 per share.
Sumitovant is currently the Company’s largest shareholder and the all-cash merger values Urovant at roughly $584 million in total equity.
Urovant Sciences is a clinical-stage biopharmaceutical company focused on developing and commercializing innovative therapies for urologic conditions. The Company’s lead product candidate, vibegron, is an oral, once-daily small molecule beta-3 agonist that is being evaluated for overactive bladder (OAB). Urovant Sciences reported positive data from the vibegron 12-week, Phase 3 pivotal EMPOWUR study and demonstrated favorable longer-term efficacy, safety, and tolerability in a 40-week extension study. The Company submitted a New Drug Application to the FDA seeking approval of vibegron for the treatment of patients with OAB in December 2019. Vibegron is also being evaluated for treatment of OAB in men with benign prostatic hyperplasia (OAB+BPH) and for abdominal pain associated with irritable bowel syndrome (IBS). Urovant’s second product candidate, URO-902, is a novel gene therapy being developed for patients with OAB who have failed oral pharmacologic therapy. Urovant Sciences, a subsidiary of Sumitovant Biopharma Ltd., which is a wholly-owned subsidiary of Sumitomo Dainippon Pharma Co., Ltd., intends to develop novel treatments for additional urologic diseases.
For more information, please visit: Urovant Sciences
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