Sumitomo Dainippon Pharma is paying a lofty price for pieces of Roivant Sciences. The deal is just the treatment Roivant needs to keep its model ticking, but it’s unlikely to fix what ails its Japanese partner, writes rob_cyran.
Japan’s Sumitomo Dainippon Pharma said on Sept. 6 it had entered into a memorandum of understanding to pay $3 billion for a stake of just over 10% in Swiss drugmaker Roivant Sciences, that company’s ownership interests in five of its subsidiaries, the option to acquire Roivant’s holdings in six more subsidiaries, and access to its technology platform.
Roivant was founded by Vivek Ramaswamy, a former hedge fund manager. The firm has set up 20 subsidiaries to develop drugs licensed from other firms or healthcare technologies. Under the deal, Sumitomo Dainippon would acquire Roivant’s 46% stake in Myovant Sciences and 75% ownership of Urovant Sciences. The two stocks have lost about one-half and one-quarter of their value, respectively, since their IPOs in 2016 and 2018.
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