The boards of directors of both Roivant and MAAC have unanimously approved the proposed transaction. Roivant founder, Vivek Ramaswamy, will continue to serve as Executive Chairman. Roivant will continue to operate under its current management team led by Matthew Gline, CEO.
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In addition, Patient Square Capital has agreed to convert an additional 30% of its shares of MAAC to earn-out shares subject to performance vesting thresholds: 20% of its shares will vest at $15.00 per share and 10% will vest at $20.00 per share for 20 of 30 trading days within five years of closing. Patient Square Capital and key Roivant equity holders and management have agreed to long-term lockups, with at least 50% of their holdings locked up for three years.
#MONTES ARCHIMEDES ACQUISITION CORP PRO#
Assuming a share price of $10.00 per share and no redemptions of MAAC shares, Roivant is expected to have an initial market capitalization of $7.3 billion inclusive of its pro forma net cash balance of approximately $2.3 billion.
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This includes up to $411 million currently held in MAAC’s trust account as well as a concurrent $200-million common stock private investment in public equity (PIPE) priced at $10.00 per share. Under the new deal, MAAC 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. Thee deal is expected to deliver up to $611 million of gross proceeds to fund discovery and development programs. In December 2019, Roivant finalized a $3-billion strategic alliance with with Sumitomo Dainippon Pharma under which the companies formed a strategic alliance and which Sumitomo Dainippon Pharma formed a new company, Sumitovant Biopharma, which took the ownership interest of five Roivant “Vants” or bio/pharma companies: Myovant Sciences (women’s health and prostate cancer), Urovant Sciences (urinary diseases), Enzyvant Therapeutics (pediatric rare diseases), Altavant Sciences (respiratory rare diseases), and Spirovant Sciences (genetic lung disease) as well as Sumitomo taking ownership of certain technology platforms. Other Vants consist of technology-based platforms that support the operations of the bio/pharmaceutical Vants with data-driven tools for drug development. The company employs a “hub and spoke” model for research and development, whereby each biopharmaceutical subsidiary functions as an independent entity (“spoke”) using shared resources from the parent (“hub”). (MAAC), a special purpose acquisition company (SPAC) sponsored by Patient Square Capital, have formed a merger agreement under which Roviant Sciences will go public with a projected initial market capitalization of $7.3 billion.įounded in 2014 by Vivek Ramaswamy, who now functions as the company’s Executive Chairman, Roivant consists of multiple wholly owned or majority-owned biopharmaceutical subsidiaries (so-called “Vants”), each focused on a different disease area. The transaction includes US$411 million in trust at MAAC and a concurrent, fully committed US$200 million PIPE financing from leading healthcare investors including Fidelity Management & Research Company LLC, Eventide Asset Management, Suvretta Capital, RTW Investments, LP, Viking Global Investors, and SB Management, a subsidiary of SoftBank Group Corp., as well as strategic investors including Sumitomo Dainippon Pharma and Palantir Technologies.Ī pro forma net cash position of up to US$2.3 billion following transaction will enable strategic pipeline expansion through internal drug discovery and in-licensing, continued development of wholly-owned drugs, and commercializationįollowing the completion of the business combination, which is anticipated in Q3 2021, shares in Roivant are expected to trade on Nasdaq under the ticker symbol “ROIV” with a valuation in the region of US$7.3 Billion.Roivant Sciences, a New York-based bio/pharmaceutical and healthcare technology company, and Montes Archimedes Acquisition Corp. (MAAC) to combine and create publicly traded Biopharma and Health Technology company. Conyers is advising Roivant Sciences Ltd., in its business combination by merger of a subsidiary with Montes Archimedes Acquisition Corp.