Myovant Sciences Enters the Market in IPO

By Chris Lange Updated Jan 13, 1:50AM EST · Published Oct 27, 12:05PM EDT

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Myovant Sciences Enters the Market in IPO — © Thinkstock

Myovant Sciences Ltd. (NYSE: MYOV) entered the market near the high end of its expected price range for its initial public offering (IPO). The company priced 14.5 million shares at $15 per share, still in the expected range of $12 to $15. There is an overallotment option for an additional 2.175 million shares. At this price, the entire offering is valued up to $250.125 million.

The filing listed the underwriters of this offering as Citigroup, Cowen, Evercore ISI, Barclays, JMP Securities and Baird.

This clinical-stage biopharmaceutical company is focused on developing and commercializing innovative therapies for women’s health, diseases and other endocrine-related disorders. Its lead product candidate is relugolix, an oral, once-daily, small molecule that acts as a gonadotropin-releasing hormone receptor antagonist. The company is advancing relugolix for the treatment of heavy menstrual bleeding associated with uterine fibroids, of endometriosis-associated pain and of advanced prostate cancer.

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Relugolix has been evaluated in over 1,300 subjects to date, in Phase 1 and multiple large, randomized Phase 2 clinical trials, some of which are ongoing. These trials have produced favorable results in each indication. In these trials, relugolix was shown to be generally well tolerated and to successfully suppress estrogen and progesterone levels in women and testosterone levels in men. The suppression of estrogen and progesterone levels in women has been shown to treat effectively the symptoms of uterine fibroids and endometriosis, and the suppression of testosterone levels in men has been shown to treat effectively advanced prostate cancer.

In a double-blind, placebo-controlled Phase 2 clinical, relugolix posted results that were statistically significant for each treatment arm versus the placebo. Essentially, relugolix markedly decreased menstrual blood loss associated with uterine fibroids.

In two randomized Phase 2 clinical trials in 228 men with advanced prostate cancer, relugolix demonstrated an ability to decrease testosterone to very low levels and to reduce levels of prostate-specific antigen, a key prostate cancer biomarker.

The company intends to use the net proceeds from this offering to further fund its late stage trials of relugolix for multiple indications. The remainder will be used for working capital and general corporate purposes, which may include research and development of relugolix and RVT-602 for other indications.

Shares of Myovant were trading at $14.37 on Thursday, with a range of $14.35 to $15.50 at about midday. So far over 3.7 million shares have moved.

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About the Author Chris Lange →

Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics.

Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications.

A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.