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Myovant secures up to $140M financing to develop uterine fibroid drug

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Myovant secures up to $140M financing to develop uterine fibroid drug

Myovant Sciences Ltd. secured up to $140 million financing through two deals to fund ongoing development of its lead compound relugolix in uterine fibroids, endometriosis and prostate cancer.

The deal with NovaQuest Capital Management comprises a note purchase commitment of up to $60 million and share purchase of up to $40 million.

The agreement with Hercules Capital Inc. provides Myovant with an additional debt financing of up to $40 million.

Takeda Pharmaceutical Co. Ltd. had granted Myovant an exclusive, worldwide license to develop and market relugolix except in Japan and some Asian countries where it retains exclusive rights.

"The financings with NovaQuest and Hercules provide us with flexible access to capital, allowing us to continue the broad phase 3 development of relugolix in three indications," said Frank Karbe, Myovant's chief financial officer.