Matt Gline (L) and Pete Salzmann

Roivant bumps stake in Im­muno­vant with a $200M deal. But with M&A off the ta­ble, shares crater

Roivant has worked out a deal to pick up a chunk of stock in its ma­jor­i­ty-owned sub Im­muno­vant $IMVT, but the stock buy falls far short of its much-dis­cussed thoughts about buy­ing out all of the 43% of shares it doesn’t al­ready own.

Roivant, which re­cent­ly inked a SPAC move to the mar­ket at a $7 bil­lion-plus val­u­a­tion, has forged a deal to boost its own­er­ship in Im­muno­vant by 6.3 points, end­ing with 63.8% of the biotech’s stock fol­low­ing a $200 mil­lion in­jec­tion. That cash will bol­ster Im­muno­vant’s cash re­serves, giv­ing it a $600 mil­lion war chest to fund a slate of late-stage stud­ies for its big drug: the an­ti-FcRn an­ti­body IMVT-1401.

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