On October 23, 2022, Myovant, Myovant U.S., Sumitomo Pharma Co., Ltd. ("Sumitomo Pharma"), and Sumitomo Pharma's wholly-owned subsidiary, Sumitovant Biopharma Ltd. ("Sumitovant"), issued a joint press release ("October 23 Press Release") announcing that Sumitovant had agreed to acquire all of the outstanding common shares of Myovant that Sumitovant did not already own for $27.00 per share in cash ("Merger Consideration") via a merger transaction ("Merger"). On January 23, 2023, Myovant authorized the filing of a definitive proxy statement on Schedule 14A ("Proxy") with the U.S. Securities and Exchange Commission ("SEC").