Why Myovant Sciences Shares Are Skyrocketing Monday

Myovant Sciences Ltd MYOV shares are trading higher by 30.85% to $23.50 during Monday's pre-market session after the company received an acquisition offer from Sumitovant Biopharma and Sumitormo Pharma to acquire the company for $22.75 per share in cash.

What Else?

Sumitovant currently holds approximately 52% of the outstanding shares of Myovant.

Myovant says there can be no assurance as to whether an agreement relating to any proposed transaction will be reached or as to the terms thereof if an agreement is reached.

Myovant says the company does not intend to comment further or disclose any developments regarding the Special Committee's consideration of the Proposal unless and until it deems further disclosure is appropriate or required.

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According to data from Benzinga Pro, Myovant Sciences has a 52-week high of $24.08 and a 52-week low of $7.67.