Myovant Sciences Confirms Closing of US$400 Million Loan Facility

Myovant Sciences (NYSE:MYOV) confirmed the closing of the previously announced loan facility from Sumitomo Dainippon Pharma (TYO:4506), now increased to US$400 million.

As quoted in the press release:

The closing of the loan facility is concurrent with the transfer by Roivant Sciences of a majority of Myovant’s shares and four additional biopharmaceutical “Vant” companies to Sumitovant Biopharma Ltd. (“Sumitovant”), a newly-formed subsidiary of Sumitomo Dainippon Pharma as a result of the completion of their transaction for the creation of a significant multi-national Sumitomo Dainippon Pharma-Roivant Alliance. With the increase in its loan facility with Sumitomo Dainippon Pharma, Myovant will repay its pre-existing loans from NovaQuest Capital Management and Hercules Capital (NYSE: HTGC). Concurrent with the transfer of Myovant’s shares, Hiroshi Nomura and Adele Gulfo have joined Myovant’s Board of Directors, while Vivek Ramaswamy and Frank Torti, M.D., have transitioned off.

Click here to read the full press release.