Japan’s Sumitomo Dainippon Pharma and Swiss healthcare company, Roivant Sciences, are creating a new company focused on developing gene therapies for cystic fibrosis.
The new company is being created under a strategic alliance between both companies that includes the transfer of Roivant’s ownership interests in five of their biopharmaceutical companies (called Vants). It also provides access to Roivant’s proprietary technology platforms – DrugOme and Digital Innovation.
In addition, Sumitomo Dainippon Pharma will take an equity stake of over 10% of shares outstanding in Roivant and will have options to acquire Roivant’s ownership interests in up to 6 additional Vants by 2024.
Roivant will receive $3 billion from Sumitomo Dainippon Pharma as a payment to enter the Alliance.
In addition to Myovant Sciences, Urovant Sciences, Enzyvant Therapeutics, and Altavant Sciences, the fifth Vant in the Alliance will be Spirovant Sciences, a newly unveiled Vant focused on developing innovative gene therapies for cystic fibrosis.
Sumitomo Dainippon Pharma plans to provide financial support to the five Vants in the new company and intends to leverage potential benefits associated with Sumitomo Dainippon Pharma’s global commercial infrastructure.
The new company will be led by CEO Myrtle Potter, Vant Operating Chair at Roivant Pharma. Additional management team members will include Adele Gulfo, Chief of Commercial Development at Roivant Pharma, Dr Sam Azoulay, Chief Medical Officer at Roivant Pharma, and Dan Rothman, Chief Information Officer.
Prior to joining Roivant, Ms. Potter served as President and Chief Operating Officer of Genentech. Under her leadership, Genentech achieved record sales and earnings growth each year. Prior, she was President of Bristol-Myers Squibb’s US Cardiovascular and Metabolic business.