Sumitovant offered $22.75 per share in cash, valuing Myovant at $2.4bn total, to acquire what it does not hold as a result of its 2019 agreement to buy majority shares of five Roivant companies. 

The Australian company is steadily growing its photoprotective drug in adults with erythropoietic protoporphyria but also sees a big opportunity in the pigment loss disorder.

Public Company Edition: MAIA launches a $10m initial public offering, the first in the US since May, but NewAmsterdam opts for the SPAC route to the stock market. Also, Legend raises $350m in a follow-on offering, Iveric obtains access to $250m in debt and Otonomy cuts costs after a Phase II failure.

Opzelura, already approved for atopic dermatitis, gives Incyte a second indication for its topical JAK inhibitor. It is the first treatment approved for vitiligo.