Sumitomo Dainippon Pharma and Roivant Sciences Enter into a Memorandum of Understanding to Create Broad Strategic Alliance to Deliver Promising New Medicines to Patients
- Sumitomo Dainippon-Roivant Alliance ("Alliance") encompasses up to 11 biopharmaceutical Vants with more than 25 innovative clinical programs and multiple potential product launches from 2020 to 2022, and access to key elements of Roivant's proprietary technology platforms including DrugOme and Digital Innovation
- Sumitomo Dainippon Pharma to enter into contract agreements with Roivant Health technology Vants including Datavant and Alyvant
- Sumitomo Dainippon Pharma to take over 10% equity stake in Roivant
- Parties have entered into a non-binding memorandum of understanding ("Memorandum"); a definitive agreement expected by the end of October 2019
NEWS PROVIDED BY
Roivant Sciences; Sumitomo Dainippon Pharma Co., Ltd.
Sep 05, 2019, 22:40 ET
SHARE THIS ARTICLE
TOKYO, OSAKA, Japan, LONDON, and BASEL, Switzerland, Sept. 5, 2019 /PRNewswire/ -- Sumitomo Dainippon Pharma Co., Ltd. (TSE: 4506), a leading Japanese pharmaceutical company, and Roivant Sciences Ltd., a technology-enabled healthcare company, today announced that they have entered into the Memorandum for the creation of a novel and broad Alliance to include the transfer to Sumitomo Dainippon Pharma of Roivant's ownership interests in 5 of their biopharmaceutical companies ("Vants"), with options to acquire up to 6 additional Vants, and access to Roivant's proprietary technology platforms, DrugOme and Digital Innovation. Roivant will collaborate with Sumitomo Dainippon Pharma with the continued involvement of Roivant's senior leaders to ensure the success of the Alliance. In addition, Sumitomo Dainippon Pharma will take an equity stake of over 10% of shares outstanding in Roivant.
"We respect Roivant's innovative business model and underlying culture, and we look forward to deepening our relationship with Roivant, which has a rich development pipeline, technology platforms, and distinctive talents," said Hiroshi Nomura, Representative Director, President and Chief Executive Officer of Sumitomo Dainippon Pharma. "I am hopeful that through this Alliance between the two companies, Sumitomo Dainippon Pharma will not only obtain growth engines after expiry of the U.S. market exclusivity of LATUDA®, but also address issues identified in the Mid-term Business Plan 2022 and contribute significantly to establish a position as a 'Global Specialized Player' which we aspire to be by 2033 through our transformation into a novel pharmaceutical business model leveraging data and digital technologies."