A new international biotech – Sumitovant Biopharma – has been created after Sumitomo Dainippon’s strategic alliance with Roivant Sciences came to fruition as 2019 drew to a close.
Ltd. The company has a strategic alliance with Roivant Sciences Ltd. The company was formerly known as Sumitomo Dainippon Pharma Co., Ltd. and changed its name to Sumitomo Pharma Co., Ltd.
Sumitomo already held around 52% of the company ahead of the new offer – which values Myovant at around $2.9 billion – and is spending $1.7 billion to gain 100% ownership of its shares.