Roivant's Vivek Ramaswamy is closing in on a $3B cash deal to sell control of 5 Vants — plus — to Sumitomo Dainippon
Roivant chief Vivek Ramaswamy is in the final stages of selling the umbrella biotech company’s ownership stake in a group of Vant startups to Sumitomo Dainippon Pharma for $3 billion upfront.
Ramaswamy tells me that the broad-ranging deal — outlined in a memorandum of understanding — includes the controlling stake in 5 of his biotechs, a 10% stake in Roivant, access to the tech platforms he’s been building and an option to buy up another 6 of his startups as they work through their new alliance. Each new selection will trigger an unspecified payout.
A formal agreement is being hammered out now, with the final deal expected to be struck at the end of October. The reason they’re announcing the deal now is to satisfy rules governing public companies in Japan.
The acquisition deal will give the Japanese pharma company control of Myovant Sciences (women’s health and prostate cancer), Urovant Sciences (urinary diseases), Enzyvant Therapeutics (pediatric rare diseases), Altavant Sciences (respiratory rare diseases), and one additional company not yet identified.
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