Myovant Sciences Announces Closing of $400 Million Loan Facility, Repayment of Debt, Board of Director Transitions, and Execu...
31 December 2019 - 12:30AM
Myovant Sciences (NYSE: MYOV), a healthcare company focused
on developing innovative treatments for women's health and prostate
cancer, today announced the closing of the previously announced
landmark, low-interest (3-month LIBOR plus 3%) loan facility from
Sumitomo Dainippon Pharma Co., Ltd. (TSE: 4506), now increased to
$400 million. The closing of the loan facility is concurrent with
the transfer by Roivant Sciences of a majority of Myovant’s shares
and four additional biopharmaceutical “Vant” companies to
Sumitovant Biopharma Ltd. (“Sumitovant”), a newly-formed subsidiary
of Sumitomo Dainippon Pharma as a result of the completion of their
transaction for the creation of a significant multi-national
Sumitomo Dainippon Pharma-Roivant Alliance. With the increase in
its loan facility with Sumitomo Dainippon Pharma, Myovant will
repay its pre-existing loans from NovaQuest Capital Management and
Hercules Capital (NYSE: HTGC). Concurrent with the transfer of
Myovant’s shares, Hiroshi Nomura and Adele Gulfo have joined
Myovant’s Board of Directors, while Vivek Ramaswamy and Frank
Torti, M.D., have transitioned off.
"It is with great pleasure that we welcome Hiroshi Nomura and
Adele Gulfo to join our Board of Directors. They will bring
valuable financial, strategic, and commercial expertise as Myovant
approaches multiple potential commercial launches,” said Lynn
Seely, M.D., CEO of Myovant Sciences. “I sincerely thank Vivek
Ramaswamy for his role in the formation and launch of Myovant, and
both Vivek and Frank Torti for their contributions to Myovant’s
success. Myovant is now in a much stronger financial position with
the increased, low-interest loan facility from Sumitomo Dainippon
Pharma, which enables us to repay the NovaQuest and Hercules loans
and thereby substantially lower our cost of capital and reset our
debt maturities to 5 years.”
Mr. Nomura has been President, CEO, and Representative Director
of Sumitomo Dainippon Pharma since April 2018. Prior to his current
role, Mr. Nomura served in a number of executive leadership roles
at Sumitomo Dainippon Pharma, including Board of Directors, Senior
Executive Officer, and Chief Financial Officer from 2014 to 2018.
From 2003 to 2014, he held various other positions with increasing
responsibilities at Sumitomo Dainippon Pharma. He also served
on the Board of Directors and as Vice Chairman, Executive Vice
President, and Chief Financial Officer of Sunovion Pharmaceuticals
Inc. from 2012 to 2014. Mr. Nomura received a Bachelor of economics
from the University of Tokyo.
Ms. Gulfo serves as the Chief Business and Commercial
Development Officer at Sumitovant. Prior to joining Sumitovant,
from May 2018 to December 2019, Ms. Gulfo served as Chief of
Commercial Development at Roivant Sciences. Previously, from 2014
to 2018, she was Chief Strategy Officer, Executive Vice President,
and Head of Global Commercial Development at Mylan. From 2009 to
2014, she served in a number of executive leadership roles at
Pfizer, including President and General Manager of the U.S. primary
care business and President of Latin America. She also currently
serves on the Board of Directors of EnPro Industries and Medexus
Pharma. Ms. Gulfo received a B.S. from Seton Hall University and a
M.B.A. from Fairleigh Dickinson University.
Myovant also announced the promotions of Frank Karbe to
President and Chief Financial Officer and Matthew Lang to Chief
Administrative and Legal Officer and Corporate Secretary.
Mr. Karbe joined Myovant in 2017 as Chief Financial Officer. He
previously served as Executive Vice President and Chief Financial
Officer for Exelixis from 2004 to 2014. Earlier in his career, he
worked as an investment banker for Goldman Sachs & Co. Frank
currently serves on the Board of Directors of Aduro Biotech. He
received his Diplom-Kaufmann from the WHU-Otto Beisheim Graduate
School of Management, Koblenz, Germany.
Mr. Lang joined Myovant in 2017 as General Counsel and Corporate
Secretary. Previously, from 2009 to 2017, he worked at Gilead
Sciences where he served most recently as Vice President, Head of
Global Litigation, Investigations, Employment Law and Information
Governance. Prior to Gilead, he practiced law at Dechert LLP in New
York City. Mr. Lang received his B.A. in classical studies from
Queen’s University at Kingston, Canada and his J.D. from the
University of Pennsylvania Law School.
About Myovant Sciences Myovant
Sciences aspires to be the leading healthcare company focused
on innovative treatments for women’s health and prostate cancer.
The company’s lead product candidate is relugolix, a once-daily,
oral GnRH receptor antagonist. The company has three
late-stage clinical programs for relugolix in uterine fibroids,
endometriosis, and prostate cancer. The company 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. Takeda Pharmaceuticals
International AG, a subsidiary of Takeda Pharmaceutical Company
Limited, granted the company 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. For more
information, please visit the company’s website
at www.myovant.com. Follow @Myovant on Twitter and
LinkedIn.
About Sumitomo Dainippon Pharma Co.,
Ltd.Sumitomo Dainippon Pharma is among the top-ten listed
pharmaceutical companies in Japan, operating globally in major
pharmaceutical markets, including Japan, the U.S., China and the
European Union. Sumitomo Dainippon Pharma is based on the merger in
2005 between Dainippon Pharmaceutical Co., Ltd., and Sumitomo
Pharmaceuticals Co., Ltd. Today, Sumitomo Dainippon Pharma has more
than 6,000 employees worldwide. Additional information about
Sumitomo Dainippon Pharma is available through its corporate
website at https://www.ds-pharma.com.
About Sumitovant Biopharma
Ltd.Sumitovant is a global biopharmaceutical
company based in New York City and London. Sumitovant is the parent
company of five biopharma subsidiaries: Myovant, Urovant, Enzyvant,
Altavant and Spirovant. Sumitovant’s promising pipeline is
comprised of early- through late-stage investigational medicines
across a range of disease areas targeting high unmet need. We
are a wholly owned subsidiary of Sumitomo Dainippon Pharma. For
further information about Sumitovant please
visit https://www.sumitovant.com.
Investor Contact: Frank Karbe President, Chief
Financial Officer Myovant Sciences, Inc. investors@myovant.com
Media Contact:Albert Liao Director,
Corporate CommunicationsMyovant Sciences, Inc.
media@myovant.com
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