Shares of Irvine-based Urovant Sciences soared 90% after Sumitovant Biopharma said it would acquire the firm for $584 million in cash.
Shares (Nasdaq: UROV) jumped to $15.75 apiece in after-hours trading, just below the $16.25 offering price. In regular hours trading, Urovant closed today up 4.7% at $8.28 and a $262 million market cap.
Sumitovant is a subsidiary of Japanese pharmaceutical firm Sumitomo Dainippon Pharma. Following the close of the acquisition, which is expected in the first quarter of 2021, Urovant will become a privately-held subsidiary of Sumitovant.
Urovant said it is still expecting to receive FDA approval for its overactive bladder drug candidate, Vibegron, next month.