Cases & Deals

Sumitomo Dainippon Pharma to acquire late stage biopharma companies and form alliance with Roivant Sciences Ltd. worth $3 billion

Clients Sumitomo Dainippon Pharma Co., Ltd.

Jones Day is advising Sumitomo Dainippon Pharma Co., Ltd. ("Sumitomo") in an acquisition of late stage biopharma companies and formation of alliance with Roivant Sciences Ltd. Sumitomo will pay $3 billion to Roivant Sciences for an array of interests. Sumitomo will receive an 11 percent interest in Roivant Sciences, valuing Roivant at approximately $9 billion. Sumitomo will acquire Roivant Sciences' interest in five biopharmaceutical companies, including two publicly traded companies, Myovant Sciences and Urovant Sciences, focused on women's health and urology, respectively. The additional companies are Enzyvant Sciences and Altavant Sciences, focused on the rare disease category, and Spirovant Sciences, focused on gene therapies for cystic fibrosis. Sumitomo has agreed to offer a $350 million loan facility to Myovant and a $200 million loan facility to Urovant to support further development of their programs. Sumitomo will acquire options to buy Roivant Sciences's ownership interest in up to six additional companies by 2024, potentially adding more than 25 clinical programs to the alliance. Sumitomo will also acquire Roivant Sciences' novel Drug-Ome data technology platform and joint ownership in Roivant Sciences’ Digital Innovation technology platform.

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