Vivek Ramaswamy, the hedge fund manager turned biotech entrepreneur, was so confident he could make money from pharma drug castoffs, he named his new venture Roivant Sciences — the “Roi” being shorthand for return on investment.
Turns out, Ramaswamy meant his return on investment. Outside investors in Ramaswamy’s publicly traded “Vant” spinoffs are still waiting for their share.
In a wide-ranging alliance announced Friday, Roivant is selling its ownership stake in five “Vant” biopharma companies to Japanese pharma Sumitomo Dainippon for $3 billion. The deal also grants Sumitomo an option to acquire six additional Roivant spinout companies, access to Roivant’s technology platforms, and a 10% ownership stake in Roivant.
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