Partner Kyoko Takahashi Lin and associate Travis Triano are providing executive compensation advice. Roivant will get 611 million in cash by merging with Montes Archimedes Acquisition Corp., a special purpose acquisition company, or SPAC, formed by. Bauer and counsel Bonnie Chen are providing intellectual property advice. Montes Archimedes Acquisition Corp is listed on the stock exchange with the ticker / Symbol MAAC, MAAC SPAC all time high was and the lowest price in the. Roivant Sciences, an unusual holding company with roughly a dozen biotech subsidiaries, will go public through a merger with a blank-check entity in a deal that values the company at 7.3 billion. The Davis Polk corporate team includes partners Derek Dostal, Lee Hochbaum and Brian Wolfe and associates Michael Senders and Stephen A. MAAC is sponsored by Patient Square Capital and led by Jim Momtazee and Maria Walker. MAAC is a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses in the healthcare industry. Roivant develops transformative medicines faster by building technologies and developing talent in creative ways, leveraging the Roivant platform to launch Vants – nimble and focused biopharmaceutical and health technology companies. The closing of this transaction is expected in the third quarter of 2021, and is subject to the approval of MAAC’s shareholders and the satisfaction or waiver of certain other customary closing conditions. The transaction is expected to deliver up to $611 million of gross proceeds to fund current development and discovery programs through the contribution of up to $411 million currently held in MAAC’s trust account, and a concurrent $200 million private placement priced at $10.00 per share. Roivant is expected to have an initial market capitalization of $7.3 billion following the combination. Earlier this year, Ramaswamy stepped down as CEO of Roivant, saying the move would “separate my increasing public engagement from Roivant’s day-to-day operations.” He will remain Roivant’s executive chairman after its merger with the SPAC.Davis Polk is advising Roivant Sciences on its combination with Montes Archimedes Acquisition Corporation, a special purchase acquisition company sponsored by Patient Square Capital. Roivant’s SPAC deal comes as Ramaswamy’s public profile has increased, with public policy opinion pieces in the Wall Street Journal, an upcoming book and regular appearances on media outlets like Fox News. With a market capitalization of US507m, Montes Archimedes Acquisition is a small cap stock, so it might not be well known by many institutional investors.
It is formed for the business purpose to effect a merger, capital stock exchange, asset. and there are some things people probably don’t realize, like that 40% of the people at Roivant are involved in computational development.” Montes Archimedes Acquisition Corp operates as a blank check company. “I am big believer in this business model. “There is a trust that comes from following a team and company for years and you see the progress and management delivering on exactly what they told you they would do,” said Momtazee, who will join Roivant’s board. As he founded Patient Square Capital in 2020, he continued to follow Roivant and became particularly interested in its computational capabilities. While running the healthcare investing operations of private equity giant KKR KKR, Jim Momtazee tried to invest in Roivant’s first large institutional fundraising round in 2015, but got outbid. For example, Roivant’s Dermavant Sciences has a topical psoriasis treatment that has completed two successful Phase 3 trials, and its Aruvant Sciences has an experimental drug for sickle cell disease in an early-stage clinical trial. Ramaswamy’s model always accounted for the high risks of drug development and he’s got a few other prominent bets in the clinic. Its highest-profile drug candidate, an Alzheimer’s drug, failed a late-stage trial, causing the stock of Roivant’s neurosciences company, Axovant Sciences, to plunge. The company has backed the development of more than 40 therapies, with 2 of those medicines gaining approval from the Food and Drug Administration. Roivant’s success in the clinic, however, has been mixed.
0 kommentar(er)
