BioCentury
ARTICLE | Financial News

Myovant raises $217.5M in IPO

October 27, 2016 7:00 AM UTC

Endocrine disorder company Myovant Sciences Ltd. (NYSE:MYOV) lost $1.74 (12%) to $13.26 in its first day of trading Thursday after raising $217.5 million through the sale of 14.5 million shares at $15 in an IPO underwritten by Citigroup, Cowen, Evercore, Barclays, JMP Securities and Baird. The price valued Myovant at $903.4 million.

Pfizer Inc. (NYSE:PFE) and BB Biotech AG (Xetra:BBZA) purchased a combined $30 million of Myovant stock in the offering. Concurrently, Myovant granted Pfizer a right of first negotiation in potential deals for either of Myovant's two lead candidates, relugolix ( TAK-385) or RVT-602, to treat uterine fibroid-associated heavy menstrual bleeding, endometriosis-associated pain, advanced prostate cancer or female infertility. Pfizer also has rights of first negotiation for the sale of Myovant itself. ...