Roivant closes SPAC deal with Montes Archimedes

Roivant Sciences, a Switzerland-based a biopharma company, today announced that it has closed its business combination with Montes Archimedes Acquisition Corp (Nasdaq: MAAC), a special purpose acquisition company (SPAC), as well as a concurrent PIPE financing.

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 September 30, 2021, Roivant’s consolidated cash position is around $2.5 billion.

Roivant has fostered and spun out a number of so-called “Vant” companies, such as Myovant Sciences, Urovant and Enzyvant Spirovant. In the fall of 2019,  Roivant entered a deal with Japan’s Sumitomo Dainippon Pharma (TYO: 4506) to sell ownership of five of the Vant companies it had set up over several years for around $3 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 of Roivant Sciences, adding: “I would like to thank our new investors for their support as we continue to advance transformational medicines and novel modalities.”