Roivant based in the USA and in Basel goes public by merging with a special purpose acquisition company (SPAC). The deal values Roivant at $7.3 billion.
Montes Archimedes Acquisition Corp. (MAAC) is a so-called SPAC, a special purpose acquisition company without operations and listed at a stock exchange set up by investors with the sole purpose of acquiring another company. Montes and Roivant have now entered into a definitive business combination agreement. Upon closing of the transaction, outstanding shares and warrants of MAAC will be exchanged for newly issued shares and warrants of Roivant Sciences, which is expected to be listed on Nasdaq in Q3 under the new ticker symbol “ROIV.”
The transaction is expected to deliver up to $611 million of gross proceeds to fund discovery and development programs. Proceeds are expected to extend the Roivant’s operating runway through mid-2024.
Since its founding in 2014, Roivant has put over 40 medicines into development across a wide range of disease areas. Companies built by Roivant have conducted eight consecutive positive Phase 3 studies with two FDA approvals to date. Roivant will continue to operate under its current management team led by Chief Executive Officer Matthew Gline. Roivant founder Vivek Ramaswamy will continue to serve as Executive Chairman.
(Press release / SK)
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