Sumitovant, a Sumitomo subsidiary, will pay $27 per share for the 48% of Myovant shares it does not already own, for a deal value of $1.7bn, up from a $22.75-per-share bid in early October.

Sumitovant offered $22.75 per share in cash, valuing Myovant at $2.4bn total, to acquire what it does not hold as a result of its 2019 agreement to buy majority shares of five Roivant companies. 

The Australian company is steadily growing its photoprotective drug in adults with erythropoietic protoporphyria but also sees a big opportunity in the pigment loss disorder.

Public Company Edition: MAIA launches a $10m initial public offering, the first in the US since May, but NewAmsterdam opts for the SPAC route to the stock market. Also, Legend raises $350m in a follow-on offering, Iveric obtains access to $250m in debt and Otonomy cuts costs after a Phase II failure.