Subsequent Events

12 Months Ended

Mar. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

(A) Sumitomo Dainippon Pharma Co., Ltd.

Sumitomo Dainippon Pharma Loan Agreement

Pursuant to the terms of the Sumitomo Dainippon Pharma Loan Agreement (see Note 7(A)), the Company is permitted to draw down funds once per calendar quarter, subject to certain conditions. In April 2020, the Company borrowed $80.0 million under the Sumitomo Dainippon Pharma Loan Agreement. Subsequent to this draw, approximately $206.3 million of borrowing capacity remains available to the Company.

Common Share Purchases by Majority Shareholder

During the period from April 1, 2020 through May 14, 2020, Sumitovant purchased a total of 1,679,868 of the Company’s common shares on the open market. As of May 14, 2020, Sumitovant directly, and Sumitomo Dainippon Pharma indirectly, own 48,468,472 of the Company’s outstanding common shares, representing approximately 53.9% of the Company’s common shares outstanding on May 14, 2020.

(B) Gedeon Richter Plc. Development and Commercialization Agreement

In April 2020, the Company received a $10.0 million milestone payment from Richter pursuant to the Development and Commercialization Agreement. The milestone payment related to the Company’s Marketing Authorisation Application submission to the European Medicines Agency for relugolix combination tablet for the treatment of women with moderate to severe symptoms associated with uterine fibroids. See Note 13.