Roivant Sciences Explained

Roivant Sciences Ltd.
Type:Public
Founder:Vivek Ramaswamy
Key People:Matt Gline (CEO)
Hq Location:London, United Kingdom
Industry:Pharmaceuticals
Num Employees:908 (2024)
Revenue: (2024)
Owner:Vivek Ramaswamy (10.5%)
Footnotes:Financials .[1] [2]

Roivant Sciences Ltd. is a healthcare company focused on applying technology to drug development and building subsidiary biotech and healthcare technology companies. It was founded in 2014 by Vivek Ramaswamy.[3]

History

Vivek Ramaswamy founded Roivant in 2014.[4] Ramaswamy's initial strategy was to in-license drug candidates and create subsidiaries focused on distinct therapeutic areas.[5] This strategy expanded to include developing earlier stage drug candidates and platform technologies. Roivant is a parent company to over a dozen subsidiaries ranging from Immunovant, a majority-owned public company focused on autoimmune diseases, to privately held Dermavant Sciences, a commercial-stage company[6] focused on medical dermatology.

Roivant also develops healthcare technologies through its business unit Roivant Health. Roivant built and launched Datavant, which allows healthcare institutions to share data, and was merged with Coix[7] to become a $7 billion company. Roivant's technology portfolio also includes Lokavant, which integrates clinical trial data to identify and mitigate risks in pharmaceutical development.[8] [9] In 2017, Roivant partnered with the private equity arm of Chinese state-owned CITIC Group to form Sinovant.[10] [11] [12] As of 2019, Roivant had over forty investigational drugs in development in fourteen therapeutic areas across its family of companies.[13]  

At the end of 2019, Roivant formed a $3 billion partnership with Sumitomo Dainippon Pharma and transferred its ownership stake in five of its subsidiaries: Myovant Sciences, Urovant Sciences, Enzyvant Therapeutics, Altavant Sciences, and Spirovant Sciences, which now sit under Sumitovant Biopharma. The deal included the option for Sumitomo to acquire up to six additional subsidiaries.[14]

In April 2020, Roivant dosed the first patient in a clinical study evaluating gimsilumab in COVID-19 patients for the prevention and treatment of acute respiratory distress syndrome (ARDS).[15] Additionally, in April, Datavant announced that its technology is being used to create a pro bono COVID-19 research database to help public health and policy researchers combat the pandemic.[16]

In January 2021, Ramaswamy stepped down as CEO. Matt Gline, previously the company's chief financial officer, became CEO.[17] In February 2021, Roivant acquired Silicon Therapeutics, a small-molecule drug designer and computational physics platform, for $450 million in Roivant equity.[18] [19] In October 2021, Roivant merged with special-purpose acquisition company Montes Archimedes Acquisition Corp. to become listed on the Nasdaq.[20]

In June 2022, Roivant and Pfizer unveiled Priovant Therapeutics.[21] Priovant was established in September 2021 through a transaction between Roivant and Pfizer,[22] in which Pfizer licensed oral and topical brepocitinib's global development rights and US and Japan commercial rights to Priovant. Pfizer holds a 25% equity ownership interest in Priovant. Brepocitinib is a potential first-in-class dual, selective inhibitor of TYK2 and JAK1; in all five placebo-controlled studies completed to date, oral brepocitinib generated statistically significant and clinically meaningful results. Later that year in December 2022, Roivant and Pfizer announced [23] their third partnership to create a new Vant [24] focused on developing TL1A drug candidates for inflammatory and fibrotic diseases. As of February 2023, Roivant's reported market cap was over $6 billion.[25]

Axovant, owned by Roivant's Sio Gene Therapies, which failed testing in the end, has been accused of being a pump-and-dump scheme.[26] [27] [28] [29]

In December 2023, Roche completed the acquisition of Telavant from Roivant for a purchase price of $7.1 billion upfront and a near-term milestone payment of $150 million.[30] [31]

Subsidiaries and former subsidiaries

As of April 2020, the company's subsidiaries include:

The following subsidiaries were previously a part of Roivant, but were included as part of a strategic transaction with Sumitomo Dainippon Pharma which closed in December 2019:[36]

Roivant is a major shareholder of Datavant, which was co-founded with Travis May to link disparate healthcare datasets.[42] In October 2020, Datavant announced it raised funds from Roivant alongside Transformation Capital, Johnson & Johnson, and Cigna.[43]

In June 2018, Roivant laid off 67 employees and reassigned 130 to subsidiaries.[44]

In March 2020, Roivant announced it is developing gimsilumab, an anti-granulocyte-macrophage colony-stimulating factor (anti-GM-CSF) monoclonal antibody to prevent and treat acute respiratory distress syndrome (ARDS) in patients with COVID-19.[45] In April 2020, Roivant started the administration of gimsilumab to COVID-19 patients in the United States.[46]

Funding

The company received millions of dollars from hedge funds such as QVT in the early days of its existence.[47] Later, it was able to raise US$200 million, with help from NovaQuest Capital Management.[48]

Notes and References

  1. Web site: FY 2024 Annual Report (Form 10-K) . 30 May 2024 . U.S. Securities and Exchange Commisssion . 16 June 2024 .
  2. Web site: 2023 Proxy Statement . 2023-09-02 . 2023-09-02 . https://web.archive.org/web/20230902050602/https://www.sec.gov/Archives/edgar/data/1635088/000114036123037044/ny20009274x1_def14a.htm#tSOC . live .
  3. Hyatt, John (April 26, 2023). "How Rich Is Vivek Ramaswamy, The Longshot GOP Presidential Candidate Who Helped Take Down Don Lemon?". Forbes. Archived from the original on July 10, 2023. Retrieved July 10, 2023.
  4. News: Roivant Company Overview . Roivant Company Website.
  5. News: Spalding . Rebecca . SoftBank-Backed Biotech Roivant Climbs to $7 Billion Valuation . Bloomberg . 13 November 2018 . 20 February 2019 . 28 March 2019 . https://web.archive.org/web/20190328105508/https://www.bloomberg.com/news/articles/2018-11-13/softbank-backed-biotech-roivant-climbs-to-7-billion-valuation . live .
  6. Web site: Dermavant Sciences . 2023-02-22 . 2022-05-24 . https://web.archive.org/web/20220524211841/https://www.dermavant.com/u-s-fda-approves-our-novel-topical-treatment-for-adults-with-plaque-psoriasis/ . live .
  7. Web site: Landi . Heather . How Datavant's $7B deal with Ciox Health impacts the health data market . Fierece Healthcare . June 9, 2021 . https://web.archive.org/web/20230331183744/https://www.fiercehealthcare.com/tech/ciox-health-datavant-combine-7b-deal-to-create-one-largest-health-data-networks . 2023-03-31. live .
  8. Web site: Loizos . Connie . Biotech holding company Roivant raised $200M in funding at a whopping $7B valuation . TechCrunch . 14 November 2018 . 1 May 2020 . 25 September 2020 . https://web.archive.org/web/20200925173612/https://techcrunch.com/2018/11/13/roivant-sciences-a-four-year-old-biotech-holding-company-just-raised-200-million-in-fresh-funding-at-a-whopping-7-billion-valuation/ . live .
  9. Web site: Roivant Sciences launches Lokavant for clinical trial monitoring . Clinical Trials Arena . 14 January 2020 . 1 May 2020 . 20 October 2020 . https://web.archive.org/web/20201020144619/https://www.clinicaltrialsarena.com/news/roivant-sciences-lokavant-clinical-trial-monitoring/ . live .
  10. Aronoff . Kate. 2023-02-22 . GOP Presidential Candidate Vivek Ramaswamy, Who Used to Do Business With China, Wants to Ban Business With China . . 2023-09-27 . 0028-6583 . 2023-09-26 . https://web.archive.org/web/20230926061433/https://newrepublic.com/article/170733/vivek-ramaswamy-business-china-roivant . live .
  11. Web site: Keown . Alex . July 17, 2018 . Roivant Launches New China-Based Startup Sinovant Sciences . 2023-09-27 . BioSpace . en-US . 2023-09-26 . https://web.archive.org/web/20230926135417/https://www.biospace.com/article/roivant-launches-new-china-based-startup-sinovant-sciences/ . live .
  12. Web site: Carroll . John . July 17, 2018 . Vivek Ramaswamy strikes again, this time launching a Beijing-based biotech player with a pipeline . 2023-09-27 . Endpoints News . en . 2023-09-26 . https://web.archive.org/web/20230926175426/https://endpts.com/vivek-ramaswamy-strikes-again-this-time-launching-a-beijing-based-biotech-player-with-a-pipeline/ . live .
  13. Web site: Arnum. Patricia Van. 16 October 2019. Emerging Pharma: Roivant Sciences on the Rise. live. https://web.archive.org/web/20200605034237/https://www.dcatvci.org/6162-emerging-pharma-roivant-sciences-on-the-rise. 2020-06-05. 2020-06-05. DCATVCI. en-gb.
  14. Web site: Roivant offloads biotech stakes in $3B alliance with Japanese pharma. 2020-06-11. BioPharma Dive. en-US. 2020-10-28. https://web.archive.org/web/20201028144805/https://www.biopharmadive.com/news/roivant-deal-sumitomo-dainippon-3-billion-ramaswamy/562401/. live.
  15. Web site: Tirumalaraju . Divya . Roivant starts gimsilumab dosing in Covid-19 trial . Clinical Trials Arena . 14 January 2024 . 16 April 2020.
  16. News: Haggin. Patience. 2020-04-08. Companies Seek to Pool Medical Records to Create Coronavirus Patient Registry. en-US. Wall Street Journal. 2020-07-01. 0099-9660. 2020-06-26. https://web.archive.org/web/20200626204844/https://www.wsj.com/articles/companies-seek-to-pool-medical-records-to-create-coronavirus-patient-registry-11586381102. live.
  17. Web site: Roivant's Ramaswamy Steps Down as CEO, Becomes Executive Chairman. 2021-01-28. BioSpace. en-US. 2021-01-26. https://web.archive.org/web/20210126135115/https://www.biospace.com/article/roivant-s-ramaswamy-steps-down-as-ceo-becomes-executive-chairman/. live.
  18. Web site: Roivant to absorb Silicon Therapeutics with $450M-plus deal. 2021-03-25. FierceBiotech. en. 2021-04-19. https://web.archive.org/web/20210419065306/https://www.fiercebiotech.com/medtech/roivant-sciences-to-absorb-silicon-therapeutics-into-its-vantai-outfit-450m-deal. live.
  19. Web site: Roivant Dives Deeper into AI with $450 Million Buy of Silicon Therapeutics. 2021-03-25. BioSpace. en-US. 2021-02-27. https://web.archive.org/web/20210227212526/https://www.biospace.com/article/roivant-buys-silicon-therapeutics-for-450-million-in-roivant-equity/. live.
  20. Roivant Sciences and Montes Archimedes Acquisition Corp. (MAAC) to Combine and Create Publicly Traded Leader in Biopharma and Health Technology . May 3, 2021 . . October 3, 2021 . October 3, 2021 . https://web.archive.org/web/20211003051255/https://www.prnewswire.com/news-releases/roivant-sciences-and-montes-archimedes-acquisition-corp-maac-to-combine-and-create-publicly-traded-leader-in-biopharma-and-health-technology-301281816.html . live .
  21. Web site: Roivant is Pfizer's TYK2 partner . Nick Paul . Taylor . Jun 28, 2022 . Fierce Biotech . 2023-03-31 . 2023-03-31 . https://web.archive.org/web/20230331183744/https://www.fiercebiotech.com/biotech/mystery-solved-roivant-pfizers-tyk2-partner-and-cutting-other-programs-fund-late-phase . live .
  22. Web site: Roivant and Pfizer Unveil Priovant Therapeutics and Ongoing Registrational Studies for Oral Brepocitinib in Dermatomyositis and Lupus . Roivant . June 28, 2022 . 2023-03-31 . 2023-03-31 . https://web.archive.org/web/20230331183744/https://investor.roivant.com/news-releases/news-release-details/roivant-and-pfizer-unveil-priovant-therapeutics-and-ongoing . live .
  23. Web site: Roivant and Pfizer Form New Vant Company Focused on Developing TL1A Drug Candidate for Inflammatory and Fibrotic Diseases . December 1, 2022 . Roivant. 2023-03-31 . 2023-03-31 . https://web.archive.org/web/20230331183744/https://investor.roivant.com/news-releases/news-release-details/roivant-and-pfizer-form-new-vant-company-focused-developing-tl1a . live .
  24. News: Roivant, Pfizer team up on inflammatory disease drug . Reuters . December 1, 2022 . 2023-03-31 . 2023-03-31 . https://web.archive.org/web/20230331183742/https://www.reuters.com/business/healthcare-pharmaceuticals/roivant-pfizer-create-unit-inflammatory-disease-drug-2022-12-01/ . live . Satija . Bhanvi . Mandowara . Khushi . Satija . Bhanvi .
  25. Web site: Roivant Sciences: Fiercely Economic Actor with Multiple Catalysts . Seeking Alpha . Out of Ignorance . 6 March 2023 . 2023-03-31 . 2023-03-31 . https://web.archive.org/web/20230331183744/https://seekingalpha.com/article/4584944-roivant-sciences-fiercely-economic-actor-with-multiple-catalysts . live .
  26. Web site: Smoke and mirrors: I've been debating Vivek Ramaswamy for 2 years. Here's how I got past his diversionary tactics . Fortune . August 31, 2023 . Jeffrey . Sonnenfeld . 2023-09-05 . 2023-09-05 . https://web.archive.org/web/20230905193950/https://fortune.com/2023/08/31/smoke-mirrors-debate-vivek-ramaswamy-2-year-diversionary-tactics-business-commentary-sonnenfeld/ . live .
  27. Web site: Vivek Ramaswamy is threatening GOP heavyweights in the polls–but his business record doesn't live up to the hype . Fortune . June 14, 2023 . Jeffrey . Sonnenfeld . Steven . Tian . 2023-09-05 . 2023-09-05 . https://web.archive.org/web/20230905193952/https://fortune.com/2023/06/14/vivek-ramaswamy-is-threatening-gop-heavyweights-in-the-polls-but-his-business-record-doesnt-live-up-to-the-hype/ . live .
  28. Web site: How Vivek Ramaswamy made a fortune before pivoting to politics . Jessica . Piper . . 14 May 2023 . 2023-09-05 . 2023-06-29 . https://web.archive.org/web/20230629152403/https://www.politico.com/news/2023/05/14/how-vivek-ramaswamy-made-money-00096046 . live .
  29. News: How Vivek Ramaswamy Made the Fortune Fueling His Presidential Run . subscription . The New York Times . 27 June 2023 . 2023-09-05 . 2023-06-29 . https://web.archive.org/web/20230629143517/https://www.nytimes.com/2023/06/27/us/politics/vivek-ramaswamy-wealth.html . live . Weisman . Jonathan . Robbins . Rebecca . Farrell . Maureen .
  30. Web site: 2023-12-14 . Roche Completes Acquisition of Telavant from Roivant, Including Rights to Novel TL1A Directed Antibody (RVT-3101) for the Treatment of Inflammatory Bowel Disease . 2024-04-05 . Yahoo Finance . en-US.
  31. Web site: Roche buys U.S. rights to Roivant bowel disease drug in $7.1 billion deal . . 2024-04-05.
  32. Dermavant Sciences Announces First Patient Dosed in PSOARING, its Pivotal Phase 3 Clinical Program for Tapinarof for the Topical Treatment of Plaque Psoriasis. Dermavant Sciences Inc. 2019-06-05. GlobeNewswire News Room. 2020-03-18. 2019-06-12. https://web.archive.org/web/20190612073239/https://www.globenewswire.com/news-release/2019/06/05/1864554/0/en/Dermavant-Sciences-Announces-First-Patient-Dosed-in-PSOARING-its-Pivotal-Phase-3-Clinical-Program-for-Tapinarof-for-the-Topical-Treatment-of-Plaque-Psoriasis.html. live.
  33. Web site: Carroll . John . Vivek Ramaswamy is diving into RNA, launching a new biotech with Arbutus and a team of vets . Endpoints News . 31 October 2018 . 13 November 2018 . https://web.archive.org/web/20181113165634/https://endpts.com/vivek-ramaswamy-is-diving-into-rna-launching-a-new-biotech-with-arbutus-and-a-team-of-vets/ . live .
  34. Web site: Keown . Alex . Roivant Taps Genentech Veteran . BioSpace . 31 October 2018 . 13 November 2018 . https://web.archive.org/web/20181113125441/https://www.biospace.com/article/roivant-taps-genentech-veteran-as-operating-chair-ahead-of-pipeline-day/ . live .
  35. Web site: On Heels of the Sale of Five Vants, Roivant Launches New Company Lokavant. BioSpace. en-US. 2020-03-18. 2020-04-27. https://web.archive.org/web/20200427181732/https://www.biospace.com/article/on-heels-of-the-sale-of-five-vants-roivant-launches-new-company-lokavant/. live.
  36. Web site: Sumitomo Dainippon and Roivant Close Deal to Form Sumitovant Biopharma. BioSpace. en-US. 2020-03-25. 2020-03-25. https://web.archive.org/web/20200325124224/https://www.biospace.com/article/sumitomo-dainippon-and-roivant-close-deal-and-form-sumitovant-biopharma/. live.
  37. Web site: Henderson . Jennifer . Changes and headcount reduction at Roivant, but hiring expected in Durham . Bizjournals . 7 January 2019 . 27 September 2023 . https://web.archive.org/web/20230927012141/https://www.bizjournals.com/triangle/news/2018/06/26/major-changes-and-headcount-reduction-at-roivant.html . live .
  38. Web site: Roivant and Plexcera launch rare disease-focused spinout. Adams. Ben. Fierce Biotech. 2016-10-07. 2016-10-11. https://web.archive.org/web/20161011021308/http://www.fiercebiotech.com/biotech/roivant-and-plexcera-launch-rare-disease-focused-spin-out. live.
  39. News: Leuty. Ron. Biggest biotech IPO this year is a small Peninsula company. 14 November 2016. San Francisco Business Times. 27 October 2016. 12 November 2016. https://web.archive.org/web/20161112014342/http://www.bizjournals.com/sanfrancisco/blog/biotech/2016/10/myovant-sciences-myov-ipo-pfe-kathleen-sebelius.html. live.
  40. Web site: Pagliarulo . Ned . Roivant, Sumitomo alliance to target cystic fibrosis gene therapy . BioPharma Dive . 12 November 2019 . 12 November 2019 . https://web.archive.org/web/20191112084343/https://www.biopharmadive.com/news/roivant-sumitomo-cystic-fibrosis-unveil-spirovant/566335/ . live .
  41. News: Adams. Ben. Roivant launches Urovant with phase 3 Merck med. FierceBiotech. June 7, 2017. en. August 7, 2017. August 7, 2017. https://web.archive.org/web/20170807112208/http://www.fiercebiotech.com/biotech/roivant-launches-urovant-phase-3-merck-med. live.
  42. Web site: Carroll . John . Tech maven Travis May takes the helm of Roivant's data mining startup . Endpoints News . 18 November 2018 . 8 November 2018 . https://web.archive.org/web/20181108184445/https://endpts.com/tech-maven-travis-may-takes-the-helm-of-roivants-data-mining-startup/ . live .
  43. "Datavant Raises $40 Million in Series B Financing to Expand Open Health Data Ecosystem" . 2020-10-13 . 2020-10-15 . https://web.archive.org/web/20201015000210/https://www.prnewswire.com/news-releases/datavant-raises-40-million-in-series-b-financing-to-expand-open-health-data-ecosystem-301148556.html . live .
  44. Web site: Taylor . Nick Paul . Roivant cuts staff, reassigns others in a major reshuffle, as insider decries 'bloodbath' . 2018-07-04 . 2018-07-05 . https://web.archive.org/web/20180705033111/https://www.fiercebiotech.com/roivant-lays-off-staff-reassigns-others-major-reshuffle . live .
  45. Web site: Roivant pivots towards ARDS in COVID-19. BioCentury. en. live. https://web.archive.org/web/20200815172637/https://www.biocentury.com/article/304682. 2020-08-15. 2020-04-02.
  46. News: Reuters. Roivant Begins Giving Experimental COVID-19 Drug to First U.S. Patients. 2020-04-15. The New York Times. 2020-04-23. en-US. 0362-4331.
  47. News: Weisman . Jonathan . Robbins . Rebecca . Farrell . Maureen . 2023-06-27 . How Vivek Ramaswamy Made the Fortune Fueling His Presidential Run . en-US . The New York Times . 2023-09-13 . 0362-4331 . In 2014, Mr. Ramaswamy founded Roivant Sciences — incorporated in the tax haven of Bermuda and backed by nearly $100 million in funding from investors including QVT, a hedge fund that employed Mr. Ramaswamy after college. . 2023-06-29 . https://web.archive.org/web/20230629143517/https://www.nytimes.com/2023/06/27/us/politics/vivek-ramaswamy-wealth.html . live .
  48. Web site: Loizos . Connie . 2018-11-14 . Biotech holding company Roivant Sciences raised $200M in funding at a whopping $7B valuation . 2023-09-13 . TechCrunch . en-US . 2023-04-18 . https://web.archive.org/web/20230418210821/https://techcrunch.com/2018/11/13/roivant-sciences-a-four-year-old-biotech-holding-company-just-raised-200-million-in-fresh-funding-at-a-whopping-7-billion-valuation/ . live .

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