Roivant Sciences has made a strategic investment in the amount of 200 million US dollars in Immunovant. This fresh capital injection should primarily serve to drive forward the development of the drug candidate IMVT-1401 for the treatment of various autoimmune diseases.
According to a press release, Roivant Sciences has acquired 17,021,276 ordinary shares in Immunovant at a price of 11.75 dollars per share. The investment sees the company’s stake in Immunovant increase from 57.5 percent to 63.8 percent – based on Immunovant’s cash balance and share count as of March 31, 2021.
Over the next 12 months, Immunovant intends not only to continue the existing studies in relation to IMVT-1401, but also to initiate two new clinical trials, according to comments in the press release from Peter Salzmann, CEO of Immunovant.
“We are incredibly excited about the prospects for IMVT-1401, and we are eager to support Immunovant through this investment”, says Matt Gline, CEO of Roivant Sciences, in the press release.
Roivant Sciences focuses on the development of innovative drugs in the areas of neurology, oncology, endocrinology, dermatology and hepatology. The Group’s global headquarters have been located in Basel since 2016.
Immunovant is listed on the NASDAQ-GS stock exchange in the USA and also operates a branch office in Basel.