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Myovant Secures $350M Debt Financing from SDP, Later Increased to $400M, Then Adds $200M More

Executive Summary

To support the concurrent signing of a definitive agreement with Sumitomo Dainippon Pharma Co. Ltd. (SDP) to create a strategic alliance (for which the partners signed an MOU last month), Roivant Sciences Inc.'s Myovant Sciences Ltd. (women's health and prostate cancer) secured a $350mm, five-year loan facility from SDP. The loan has an interest rate in the single digits and requires no repayments due until the end of the term. The agreement will become effective upon close of the SDP's alliance transaction with Roivant to secure up to 25 clinical-stage programs for up to 11 Roivant biopharmaceutical divisions (known as vants).

Update 12/30/2019

Myovant increased its previously announced five-year loan facility from SDP to $400mm. The company will use approximately $113.7mm to repay outstanding obligations under an October 2017 $140mm loan and security agreement with Hercules Capital and NovaQuest.

Update 08/05/2020

Myovant  announced a new $200M low-interest, five-year term loan commitment from SDP, bringing its total financing support for Myovant to $600M, further bolstering Myovant’s cash and committed funding and increasing the company’s financing flexibility as it prepares for multiple potential product launches to treat advanced prostate cancer, uterine fibroids, and endometriosis. Myovant can access the facility on a quarterly basis, subject to certain terms and conditions, with no repayments due until the end of the term subject to certain exceptions. The additional funds will be used to fund Myovant’s operating expenditures, including preparation for the commercialization of relugolix. Additionally, Myovant concurrently announced a three-year commercial collaboration agreement with Sunovion Pharmaceuticals, an indirect, wholly-owned subsidiary of SDP, for services to support the planned commercialization of investigational drug candidate relugolix. (See separate report.) Under that agreement, Sunovion will provide third-party logistics, trade and retail distribution, contract operations, and market access account management services to Myovant and will become a non-exclusive distributor of relugolix for prostate cancer and the exclusive distributor of relugolix combination tablet for uterine fibroids and endometriosis in the US.

Deal Industry
  • Pharmaceuticals
  • Biotechnology
    • Antisense, Oligonucleotides
Deal Status
  • Final
Deal Type
  • Financing
    • Nonconvertible Debt
    • Private Placement

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