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Myovant Sciences launches $100M share offering to fund research

Myovant Sciences Ltd. launched an underwritten public offering of $100 million of common shares.

The biotechnology company intends to use net proceeds to fund clinical development programs, including the phase 3 Liberty 2 trial for the treatment of uterine fibroids — noncancerous growths of the uterus that often appear during childbearing years — and heavy menstrual bleeding.

Funds will also be used for the phase 3 Hero trial for treating advanced prostate cancer.

In addition, the company expects to spend proceeds on potential regulatory approvals and sale of lead product candidate relugolix, working capital and other general corporate purposes.

Myovant has three late-stage clinical programs for relugolix to treat uterine fibroids, prostate cancer and endometriosis, a condition where the womb lining responsible for menstruation is found outside the womb, making it harder for a woman to become pregnant.

The drugmaker plans to grant the underwriters a 30-day option to purchase up to an additional $15 million of common shares on the same terms.

J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, Cowen and Co. LLC and Evercore Group LLC are acting as joint book-running managers for the offering.

London-headquartered Myovant develops and commercializes therapies for women’s health and prostate cancer.