Oncolytics Biotech Inc T.ONC

Myovant Sciences acquired for $2.9 BLN on second offer

[Noteable]

October 24, 2022 - Shares of Myovant Sciences rose in premarket trading Monday after the company agreed to be acquired by Sumitovant Biopharma for $2.9 billion - three weeks after turning down a previous offer.

Myovant Sciences portfolio consists of two molecules, relugolix and MVT-602:

• Relugolix is a gonadotropin-releasing hormone (GnRH) receptor antagonist that reduces sex hormones such as testosterone, estradiol, and progesterone. Relugolix is available as a 120 mg tablet and as a combination tablet (relugolix 40 mg, estradiol 1 mg and norethindrone acetate 0.5 mg). Relugolix is marketed in multiple indications internationally and is currently under investigation for certain uses.
• MVT-602 is an oligopeptide kisspeptin-1 receptor agonist being investigated for its potential as a trigger of egg maturation in women undergoing assisted reproduction, including in vitro fertilization (IVF).

https://www.myovant.com/our-science/pipeline/#

[Noteable]

Myovant Sciences was partnered Pfizer for Myfembree (relugolix - a GnRH receptor antagonist), in the management of moderate to severe pain associated with endometriosis. Sumitovant is the largest shareholder in Myovant, owning about 52% of company stock. 

[Noteable]

Should read: "....was partnered with Pfizer ... "

[Noteable]

Notwithstanding Myovant Sciences GnRH receptor antagonist, the progress of, and investment in, MVT-602 had stalled. In its 2021-22 financial year, Myovant recorded $318,000 in R&D costs specific to the candidate, down from $4.9 million in 2018-19. No mention of the molecule was made in its statement to disclose the Myovant merger.

[Noteable]

After missing the endpoints in phase 2 trials, Takeda offloaded the rights to the drug candidate (MVT-602) as part of the deal with Roivant Sciences that birthed Myovant. While Takeda studied the molecule, then known as TAK-448, in men with sex hormone disorders, the new partners pitched it for use in female infertility at the time of their deal in 2016 - yet the progress of this drug candidate

[Buckhenry]

any pertinent direct news for oncy today?

[Buckhenry]

anyone own any tricida stock. it plummeted 94% today on bad phase 3 trial results.

[inthno]

That's the possible outcome going.to a.phase 3 as nothing is for sure and that is why after all this time a buyout would be preferred.

[fox7mf]

Interesting. Just curious Noteable, would you sign off on a $2.9b offer for Onc?

[westcoast1000]

An offer of 2.9 billion US is effectively $4 billion Canadian at this time. We have roughly 60 million shares outstanding. An offer of that scale would be about $65 per share. I think a large majority of the shareholders would vote for that offer in a heartbeat. Many of the shareholders have been here for more than 10 years and many of those are quite old, certainly past retirement age. Money

[Buckhenry]

did I miss the memo from Matt of an offer for 2.9B is on the table or is this more wishful thinking. just because other company gets bought out means absolutely squat for oncy. toooooo much wishing and hoping with visions of sugar plums going on here.

[canadafan]

The comparative offers are just that, figures for comparison. We have no direct information of an existing in place buyout. that said, such an offe4 would be reasonably in that range. basded on the comparable deals happening. should the panc cancer upcoming results match or even near the " run in", numbers. then onc Pela alongside Roche tecentriq becones a blockbuster drug combination

[fox7mf]

I feel $2.9b would be a fair offer that I certainly would not scoff at. Having said that, 2 ph3 trials, Car-T, and MM could all add up to a deal in the $4-$5b usd range. A buyout deal...no partnerships pls.

[Lesalpes29]

A deal at 20$ CAD and I'm retiring pronto! We can dream for sure. GL

[fox7mf]

Barely $850m for 20 yrs, multiple ph3's and greatly derisked science...when preclinical and early stage biotechs are getting multi billion dollar deals...well, what a waste of time & energy this journey has been...my opinion.