Myovant Sciences Announces Pricing of $125 Million Public Offering of Common Shares

May 30, 2019 at 9:01 PM EDT

BRISBANE, Calif. and BASEL, Switzerland, May 30, 2019 (GLOBE NEWSWIRE) -- Myovant Sciences (NYSE: MYOV) (“Myovant”), a clinical-stage healthcare company focused on developing and commercializing innovative therapies for women’s health and prostate cancer, today announced the pricing of its underwritten public offering of 15,151,516 of its common shares at a price to the public of $8.25 per share. Gross proceeds to Myovant from the offering are expected to be approximately $125.0 million, before deducting underwriting discounts and commissions and estimated offering expenses. All of the common shares are being offered by Myovant. In connection with this offering, Myovant has granted the underwriters a 30-day option to purchase up to an additional 2,272,727 of its common shares on the same terms and conditions.  The offering is expected to close on June 4, 2019, subject to the satisfaction of customary closing conditions. Myovant currently intends to use the net proceeds from the offering primarily to fund its clinical development programs, including the Phase 3 LIBERTY 2 trial in uterine fibroids and heavy menstrual bleeding and the Phase 3 HERO trial in advanced prostate cancer, preparations for potential future regulatory approvals and commercialization of relugolix, as well as for working capital and other general corporate purposes.

J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, Cowen and Company, LLC and Evercore Group L.L.C. are acting as joint book-running managers for the offering.

A shelf registration statement relating to the offered common shares was filed with the Securities and Exchange Commission (SEC) and became effective upon filing on May 24, 2019. A preliminary prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and are available on the SEC’s website, located at www.sec.gov.  Copies of the final prospectus supplement and accompanying prospectus related to the offering may be obtained, when available, from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus Department, by email at prospectus-eq_fi@jpmchase.com or by phone at (866) 803-9204, Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, by email at Prospectus-ny@ny.email.gs.com, by phone at (866) 471-2526 or by facsimile at (212) 902-9316, Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attn: Prospectus Department, by phone at 1-631-274-2806, or Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, New York, NY 10055, by phone at (888) 474-0200, or by email at ecm.prospectus@evercore.com.

This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities, and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale is unlawful.

About Myovant Sciences

Myovant Sciences aspires to be the leading healthcare company focused on innovative treatments for women's health and prostate cancer. Myovant's lead product candidate is relugolix, an oral, once daily small molecule that acts as a GnRH receptor antagonist. Myovant has three late-stage clinical programs for relugolix ongoing in uterine fibroids, endometriosis and prostate cancer. Myovant is also developing MVT-602, an oligopeptide kisspeptin-1 receptor agonist, that has completed a Phase 2a study for the treatment of female infertility as part of assisted reproduction. Roivant Sciences is the majority owner of Myovant. Takeda Pharmaceuticals International AG granted Myovant an exclusive, worldwide license to develop and commercialize relugolix (excluding Japan and certain other Asian countries) and an exclusive license to develop and commercialize MVT-602 in all countries worldwide. Over time, Myovant intends to expand its development pipeline to include other potential treatments for women's health and prostate cancer.  

Forward-Looking Statements

This announcement contains forward-looking statements, including statements relating to Myovant’s expectations regarding the completion and timing of the proposed public offering, and use of proceeds. These statements are subject to significant risks and uncertainties; actual results could differ materially from those projected and Myovant cautions investors not to place undue reliance on the forward-looking statements contained in this release. These risks and uncertainties include, without limitation, risks and uncertainties related to market conditions and satisfaction of customary closing conditions related to the public offering. There can be no assurance that Myovant will be able to complete the public offering on the anticipated terms, or at all. Risks and uncertainties relating to Myovant and its business can be found in the “Risk Factors” section of Myovant’s Form 10-K, filed with the SEC on May 24, 2019, and in the preliminary prospectus supplement related to the proposed offering filed with the SEC on May 29, 2019, and the final prospectus supplement related to the proposed offering to be filed with the SEC. Except as required under applicable law, Myovant undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in Myovant’s expectations.

Investor Contact:

Frank Karbe
Chief Financial Officer
Myovant Sciences
investors@myovant.com

Media Contact

Sheryl Seapy 
W2O Pure
sseapy@purecommunications.com
949.903.4750

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Source: Myovant Sciences, Inc.