Sumitovant Biopharma Ltd., a biopharmaceutical company looking to drive the development and commercialization of therapies for patients with rare conditions and other diseases and a portfolio company of Sumitomo Pharma Co. Ltd., has bought Myovant Sciences.

Sumitovant has acquired all outstanding shares of Myovant not already owned by Sumitovant in an all-cash deal with a total transaction value of approximately $1.7 billion. With the completion of the acquisition, Myovant will be delisted from the New York Stock Exchange and its shares will no longer be publicly traded.

“I look forward to all we will be able to achieve with the support of Sumitovant and Sumitomo Pharma to expand the impact of our differentiated therapies and advance our clinical programs,” comments David Marek, CEO of Myovant. “We remain steadfast in our commitment to advance life-changing medicine and health equity for the patient communities we serve.”

JPMorgan Securities LLC served as financial advisor and Sullivan & Cromwell LLP served as legal counsel to Sumitovant and Sumitomo Pharma. Goldman Sachs & Co. LLC served as financial advisor to the special committee of the board of directors of Myovant and Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to the special committee.