On October 1, 2021 Roivant Sciences, a biopharmaceutical company dedicated to improving the delivery of healthcare to patients, reported that it has closed its business combination with Montes Archimedes Acquisition Corp. (Nasdaq: MAAC), a special purpose acquisition company, as well as a concurrent PIPE financing (Press release, Silicon Therapeutics, OCT 1, 2021, https://discovery.roivant.com/news/press-releases/roivant-sciences-announces-close-of-business-combination-with-montes-archimedes-acquisition-corp-and-concurrent-pipe-financing/ [SID1234590684]).
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
Outstanding shares and warrants of MAAC have been exchanged for newly issued Roivant shares and warrants, which will begin trading on Nasdaq under the ticker symbols "ROIV" and "ROIVW" later today. At the close of this transaction on Sept. 30, 2021, Roivant’s consolidated cash position is approximately $2.5 billion.
"Roivant was founded to address inefficiencies in the traditional pharma model. As we begin our life as a public company, we now have the opportunity to accelerate that vision and create significant value for patients, shareholders, and society," said Matt Gline, Chief Executive Officer of Roivant Sciences. "I would like to thank our new investors for their support as we continue to advance transformational medicines and novel modalities."
In addition, the company announced that Richard Pulik has joined Roivant as chief financial officer. Mr. Pulik brings over twenty years of industry experience.
Prior to joining Roivant, Mr. Pulik was the global head of business development & licensing and portfolio management, oncology at Novartis and a member of Novartis’s Innovation Management Board and the Novartis oncology leadership team. Mr. Pulik joined Novartis in 2012 as a senior director, mergers & acquisitions based in Basel, Switzerland. Earlier in his career Mr. Pulik worked at Bank of America Merrill Lynch, Monitor Group and UBS Investment Bank, focusing on mergers and acquisitions and strategy in the healthcare sector. Mr. Pulik received a bachelor of science degree in finance from The Wharton School and a Bachelor of Arts degree in economics and international relations at the University of Pennsylvania in 2001.
"I am humbled to join a company that has accomplished so much over the last seven years," said Mr. Pulik. "I look forward to working with its leadership to create a next-generation biopharma company that develops meaningful medicines for patients around the world."
Roivant R&D Day
Roivant held a virtual R&D Day on the afternoon of September 28th highlighting the company’s drug discovery platform and recent clinical milestones. Recordings of R&D Day presentations and corresponding slides are available at https://investor.roivant.com/news-events/events.
Advisors
J.P. Morgan Securities LLC served as a financial advisor and capital markets advisor to Roivant and as a lead placement agent for the PIPE. SVB Leerink LLC served as a capital markets advisor to Roivant and as a lead placement agent for the PIPE. Goldman Sachs & Co. LLC served as a financial advisor to Roivant. Cowen and Company, LLC served as a financial advisor and capital markets advisor to Roivant. Citigroup Global Markets Inc. served as a placement agent for the PIPE. Truist Securities, Inc. served as a capital markets advisor to Roivant and as a placement agent for the PIPE. Davis Polk & Wardwell LLP acted as legal counsel to Roivant. Kirkland & Ellis LLP acted as legal counsel to MAAC. Okapi Partners served as the proxy solicitor for MAAC.