Sumitomo Dainippon Pharma acquires late stage biopharma companies and forms alliance with Roivant Sciences Ltd. worth $3 billion
Client(s) Sumitomo Dainippon Pharma Co., Ltd.
Jones Day advised Sumitomo Dainippon Pharma Co., Ltd. ("Sumitomo") in an acquisition of late stage biopharma companies and formation of alliance with Roivant Sciences Ltd. Sumitomo paid $3 billion to Roivant Sciences for an array of interests. Sumitomo received an 11% interest in Roivant Sciences, valuing Roivant at approximately $9 billion. Sumitomo acquired 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 offered a $350 million loan facility to Myovant and a $200 million loan facility to Urovant to support further development of their programs. Sumitomo acquired 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 also acquired Roivant Sciences' novel Drug-Ome data technology platform and joint ownership in Roivant Sciences' Digital Innovation technology platform.
