Roivant closes USD $3 billion deal with Sumitomo Dainippon Pharma

Sumitovant will operate as a wholly owned subsidiary of Sumitomo Dainippon Pharma and will be the parent company of the five biopharma companies for which Roivant transferred its ownership interest: Myovant Sciences Ltd., Urovant Sciences Ltd., Enzyvant Therapeutics Ltd., Altavant Sciences Ltd., and Spirovant Sciences Ltd. In addition, Sumitovant will provide strategic guidance and direct the operations of the proprietary technology platforms now owned by Sumitomo Dainippon Pharma that were developed by Roivant: DrugOme and Digital Innovation. Sumitovant, Sumitomo Dainippon Pharma, and Roivant will each have access to these platforms. Sumitomo Dainippon Pharma has also acquired an 11% stake in Roivant and options to acquire Roivant's ownership interests in 6 additional biopharma companies. For its consideration Roivant has received USD $3 billion from Sumitomo Dainippon Pharma.

Myrtle Potter, former Vant Operating Chair at Roivant Sciences, has been appointed Chief Executive Officer of Sumitovant. As Vant Operating Chair Potter oversaw the development of thirty-five investigational drugs in eleven therapeutic areas and over fifty clinical trials, including four successful Phase 3 trials for the lead compounds at Myovant and Urovant. 

"I am pleased that we and Roivant have closed our important deal which comprises one of the strategic investments that we are making to address our challenges laid out in the Mid-term Business Plan 2022," said Hiroshi Nomura, Representative Director, President and CEO of Sumitomo Dainippon Pharma and Chairman of the Sumitovant Board of Directors. "We are thrilled to have Sumitovant as one of the core growth engines for Sumitomo Dainippon. Sumitovant is headed by a proven leader in Myrtle Potter and has a strong pipeline of drug candidates for women's health, urology, prostate cancer, and multiple rare diseases including cystic fibrosis. The closing of this deal now sets us squarely on a path to establish our position as a 'Global Specialized Player' which we aspire to be in 2033."