Sumitovant Biopharma today announced the completion of its acquisition of Irvine-based Urovant Sciences.
Under the terms of the deal, Sumitovant paid about $216 million, or $16.25 per share, to acquire all outstanding shares of Urovant, regulatory filings indicate.
Urovant, formerly listed on the Nasdaq as UROV, will maintain its culture and leadership under Sumitovant, a subsidiary of Japanese pharmaceutical firm Sumitomo Dainippon Pharma, the companies said.
“This transaction puts Urovant in an even stronger position to focus on a successful launch of GEMTESA for patients with overactive bladder, successfully drive our business, continue advancing our development pipeline, and seek further opportunities for business growth,” Chief Executive Jim Robinson said in a statement.
