- NASDAQ:UROV gains 0.12% on Monday despite the NASDAQ and S&P 500 touching new all-time highs.
- Urovant announces it has agreed to a buyout from its largest shareholder: Sumitovant Biopharma.
- Urovant hopes to gain FDA approval for Vibegron before the end of the calendar year.
NASDAQ:UROV levelled off on Monday after a historic rise during Friday’s trading session when it was announced that the Irvine, California based biotech firm would be bought out by Sumitovant Biopharma. Shares skyrocketed on Friday by nearly 100%, but on Monday, the stock remained relatively flat gaining only 0.12% to close the day at $16.04. The stock probably will not move much off these price levels as the proposed deal would payout existing shareholders $16.25 for each share, if and when the deal is ultimately approved. The current price of the stock represents an all-time high price for Urovant, so patient investors have finally received good news after years of relatively flat trading.
Sumitovant Biopharma is Urovant’s largest shareholder, owning nearly 73% of Urovant’s outstanding shares. The New York-based biotech company is actually a merger between Sumitomo Dainippon Pharma and Roivant Sciences, hence the name Sumitovant. The proposed deal will actually take Urovant off of the publicly traded markets as Sumitovant is a privately owned company. One of the reasons for Sumitovant’s aggressive buyout is for Vibegron, a treatment for overactive bladders that is coming down Urovant’s pipeline. The drug is set to be submitted to the FDA for approval by the end of December, and if approved, should be a key piece of Sumitovant’s product list moving forward.
UROV stock price and news
So with the pending buyout, Urovant’s short-lived life as a publicly-traded company should soon come to an end. The surge on Friday was the most exciting thing to happen to this stock since its inception in 2018, and now Urovant looks like it will become a member of the growing biotech conglomerate that is Sumitovant.
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