Sumitomo Dainippon and Roivant complete $3 billion deal
A new biotech dubbed Sumitovant Biopharma has been founded, following an October 2019 agreement between Japanese drug major Sumitomo Dainippon Pharma (TYO: 4506) and Roivant Sciences.
Sumitovant will operate as a wholly-owned subsidiary of Sumitomo Dainippon, and will be the parent company of five biopharma companies transferred from Roivant.
In a deal worth around $3 billion to Roivant, the company has transferred ownership of Myovant Sciences, Urovant Sciences, Enzyvant Therapeutics, Altavant Sciences and Spirovant Sciences.
Sumitovant will also provide strategic guidance and direct the operations of technology platforms including DrugOme and Digital Innovation.
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