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    Home»IPO»Roivant Sciences Strikes SPAC Deal Valuing The Drug Company At $7.3 Billion
    IPO

    Roivant Sciences Strikes SPAC Deal Valuing The Drug Company At $7.3 Billion

    May 3, 20211 Min Read
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    PHILADELPHIA, PA - OCTOBER 05: Vivek Ramaswamy, Founder & CEO of Rolvant Sciences speaks at Forbes Under 30 Summit at Pennsylvania Convention Center on October 5, 2015 in Philadelphia, Pennsylvania. (Photo by Lisa Lake/Getty Images)
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    Seven years ago, Vivek Ramaswamy created Roivant Sciences with the aim of finding a new financial model for drug development. On Monday, Roivant Sciences announced it would be going public by merging with a special acquisition company in a deal that values Roivant at $7.3 billion.

    Montes Archimedes Acquisition Corp., a special acquisition company sponsored by Jim Momtazee’s Patient Square Capital, has agreed to merge with Roivant in a transaction that includes a private financing, in which Palantir Technologies, Viking Global Investors, Softbank and others will invest $200 million in the publicly traded equity.

    The transactions are expected to close in the third quarter of 2021 and will provide $611 million in fresh cash for Roivant’s drug development activities, pushing up Roivant’s net cash position to $2.3 billion.

    Matthew Gline, CEO of Roivant, said in an interview the company had explored going public in a traditional initial public offering, but found merging with the Montes Archimedes SPAC a more attractive way to list its shares.

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    Source: Forbes

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    Capital deals and transactions Investments IPO SPAC
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