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Myovant Sciences (NYSE: MYOV) reported total revenue of $100.2 million for Q3 2022, with net product revenue reaching $61.4 million. ORGOVYX® sales contributed $48.7 million, marking a 13% sequential increase, while MYFEMBREE® generated $10.5 million in revenue, reflecting a 49% growth. The company ended the quarter with $315.7 million in cash and equivalents. Myovant is advancing its merger with Sumitovant Biopharma, with a shareholder vote set for March 1, 2023. The FDA decision for MYFEMBREE's supplemental application is anticipated by January 29, 2023.
Myovant Sciences (NYSE: MYOV) has approved equity awards for 18 new employees, granting a total of 149,300 restricted stock units (RSUs) as part of its 2020 Inducement Plan. The awards will vest over time, with one-fourth vested on the one-year anniversary of the grant and the remaining shares vesting in quarterly installments, contingent on continued employment. Myovant aims to improve healthcare for men and women through innovative science and advocacy, having achieved multiple regulatory approvals since its founding in 2016.
Myovant Sciences announced the appointment of Ann Tomlin as the new Senior Vice President of Human Resources, effective November 28, 2022. Tomlin brings over 25 years of HR experience, particularly in the pharmaceutical sector, and will focus on talent solutions and HR strategies globally. She has a strong background in organizational development and has previously held leadership roles at AbbVie. CEO David Marek expressed confidence in her ability to enhance Myovant’s people-first strategy during a pivotal growth phase.
Urovant Sciences has partnered with Thinx Inc. to launch the Time To Go campaign, aimed at educating individuals suffering from Overactive Bladder (OAB). This initiative highlights the challenges OAB poses for approximately 33 million Americans, particularly during travel. The campaign offers free travel kits containing valuable resources about OAB management and the medication GEMTESA (vibegron). It also seeks to reduce the stigma around discussing OAB symptoms, encouraging patients to talk to healthcare providers about their treatment options.
A recent peer-reviewed study indicates that crushing GEMTESA (vibegron) 75 mg and mixing it with applesauce is viable for individuals with overactive bladder (OAB) facing swallowing challenges. The Phase 1 study, involving 30 participants, showed no clinically significant changes in pharmacokinetic (PK) parameters after administration in both forms. Adverse events were reported in 53.3% of participants, predominantly headaches. The findings suggest GEMTESA can be tailored for elderly patients who often struggle with swallowing intact tablets.
On October 23, 2022, Myovant Sciences announced a $1.7 billion acquisition agreement with Sumitovant Biopharma, offering $27.00 per share for the remaining shares. For Q2 FY2022, Myovant reported total revenue of $104.8 million, featuring net product revenue from ORGOVYX® at $43.3 million (20% growth) and MYFEMBREE® at $6.4 million (60% growth). The FDA's approval of MYFEMBREE established its market leadership. Myovant ended Q2 with $412.6 million in cash resources, marking robust financial health amidst ongoing clinical studies and expansion efforts.
Myovant Sciences (NYSE: MYOV) has canceled its earnings conference call for Q3 2022, originally scheduled for October 26, 2022. The cancellation is due to the upcoming merger with Sumitovant Biopharma Ltd., Myovant's majority shareholder. Founded in 2016, Myovant focuses on hormone-sensitive oncology and women's health, having successfully completed five Phase 3 clinical trials leading to multiple regulatory approvals in the U.S. and Europe. The company aims to further develop additional indications and pipeline assets.
Sumitovant Biopharma is acquiring all outstanding shares of Myovant Sciences for $27.00 per share in cash, totaling $1.7 billion. The acquisition, approved by Myovant's board and a special committee, represents a premium of approximately 50% to Myovant's share price prior to the proposal. Sumitovant plans to leverage Myovant's expertise in commercializing therapies for women's health and prostate cancer. The transaction is expected to close in Q1 2023, pending regulatory approvals and majority shareholder consent.
Myovant Sciences (NYSE: MYOV) announced the approval of equity awards for 10 new employees, with a grant date of October 17, 2022, under its 2020 Inducement Plan. The awards total 96,500 restricted stock units (RSUs), vesting in stages over four years. This move is in compliance with NYSE regulations. Myovant has achieved significant milestones in regulatory approvals for treatments related to prostate cancer and uterine fibroids, and continues to explore further developments in women's health and oncology.
Myovant Sciences (NYSE: MYOV) announced it will host a conference call to discuss its second fiscal quarter earnings on October 26, 2022, at 5:00 p.m. ET. This follows the end of the quarter on September 30, 2022. Investors can access the live webcast on Myovant's investor relations page. The firm aims to redefine care in women's and men's health with innovative therapies, having received multiple FDA and EC approvals in recent years. Myovant is also pursuing a supplemental New Drug Application for updates on MYFEMBREE based on Phase 3 trial data.
