Roivant Sciences has had a bumpy period of years, but this has not prevented investors from investing more money in this four-year-old company, whose vision is to be the giant parent company of dozens of independent biopharmaceutical companies one day.
Roivant recently completed a round of $200 million in private equity financing, led by NovaQuest Capital Management. According to a company spokesperson, investors also include RTW Investments, a young investment company focused on biopharmaceuticals, an unnamed “large US insurance company†and an unnamed “large US investment companyâ€.
In August last year, the Softbank Vision Fund led Roivant's $1.1 billion private equity financing, when Roivant's valuation reached $5.6 million, but the valuation is not necessarily reasonable. A month after the financing, Roovant's Axovant Sciences received news that its widely advertised drug intepirdine for the treatment of Alzheimer's disease did not work.
For Axovant, this seems to be a catastrophic blow. Axovant conducted the largest biotech IPO at the time in the United States in 2015. Subsequently, its share price plunged 75%.
Worse, Axovant subsequently had a negative result in dementia with Lewy bodies (DLB) phase 2b trial, leading to David Hung Mai Diwei Johnson Medical (Medivation) CEO and Axovant parted company last year, he joined as chief Axovant Executive officer.
The company has not recovered. Its share price once rose to $25 per share, but it is currently only $1.95. Roivant laid off staff in June and rescheduled other employees, mainly to transfer them from Roivant to more subsidiaries.
The price is that Softbank has not invested in Axovant or any other Roivant subsidiary, and the same is done for investors who have just invested $200 million in Roivant.
For example, in addition to Axovant, which focuses extensively on neurology, Roivant also created Myovant Sciences, which focuses on women's health and endocrine diseases; Dermavant Sciences, which focuses on dermatology;
In addition to Axovant, which focuses extensively on neurology, Roivant has created Myovant Sciences, a focus on women's health and endocrine diseases; Dermavant Sciences, focusing on dermatology; Enzyvant Sciences, focusing on rare diseases; Urovant Sciences, focusing on urology; Datavant As a middleware provider that helps healthcare organizations share data, Datavant also received $40.5 million in financing from Roivant earlier this year.
Its by-products also include immunosuppressive drugs, which were released in July to treat autoimmune diseases; Altavant announced in June that its goal is to develop drugs to treat pulmonary hypertension; in July this year, Sinovant announced that it will focus Put it on drug development in China.
The company said Roivant currently employs 750 drug developers and is developing 34 drugs.
It remains to be seen whether Roivant's portfolio approach will bring returns to investors. But there is no doubt that Roivant's 33-year-old CEO and founder Vivek Ramaswamy convinced them that everything is possible: "In view of the failure history of pharmaceutical companies in producing effective products for Alzheimer's, I can't blame any A skeptical person. If I am a bystander, I will be so skeptical. However, I believe that regardless of the success of the clinical trial, this is an independent model."
Ramaswamy's career was very interesting – graduated from Harvard University with a major in biology, later as a hedge fund analyst, and a law degree at Yale University. While taking care of both, he said he noticed that pharmaceutical companies gave up promising drugs for a variety of reasons, which has nothing to do with the efficacy of the drug.
He saw the opportunity and hoped to continue developing these drugs and quickly get to market, so he started his business in 2014.
So far, Roivant and its subsidiaries have now secured more than $3 billion in financing.
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