Immunovant Receives $200 Million Strategic Investment from Roivant Sciences
02 Agosto 2021 - 8:30AM
Immunovant, Inc. (Nasdaq: IMVT), a clinical-stage biopharmaceutical
company focused on enabling normal lives for people with autoimmune
diseases, today announced that it has received a $200 million
strategic investment from Roivant Sciences. Immunovant intends to
use the proceeds from this investment to advance the development of
IMVT-1401 in multiple indications.
Roivant has purchased 17,021,276 shares of Immunovant’s common
stock at a price of $11.75 per share, which purchase has been
approved by a special committee of Immunovant directors not
affiliated with Roivant. This represents approximately a 15%
premium to Immunovant’s 20 trading day volume weighted average
price. After giving effect to the investment, Immunovant has a pro
forma cash balance of approximately $600 million and Roivant has
increased its ownership stake in Immunovant from 57.5% to 63.8%,
based on Immunovant’s cash balance and share count as of March 31,
2021.
“We are excited to announce this significant investment by
Roivant, which will expedite our development of IMVT-1401 for a
wide range of autoimmune disorders,” said Dr. Pete Salzmann, Chief
Executive Officer of Immunovant. “Over the next 12 months, we plan
to initiate a pivotal trial for myasthenia gravis, resume our
trials in WAIHA and TED and initiate at least two additional
clinical studies, including another pivotal trial in 2022.”
“Roivant and Immunovant explored a range of possible
transactions over the past few months, including a potential
acquisition by Roivant of the minority interest in Immunovant, and
ultimately agreed on this significant investment in order to
support a robust development plan for IMVT-1401 and increase our
stake in the company,” said Matt Gline, Chief Executive Officer of
Roivant Sciences. “We are incredibly excited about the prospects
for IMVT-1401, and we are eager to support Immunovant through this
investment. We look forward to continuing to work closely with Dr.
Salzmann and the Immunovant management team to help develop
IMVT-1401 to maximize benefit for patients with high levels of
unmet medical need.”
About Immunovant
Immunovant is a clinical-stage biopharmaceutical company focused
on enabling normal lives for patients with autoimmune diseases.
Immunovant is developing IMVT-1401, a novel, fully human anti-FcRn
monoclonal antibody, as a subcutaneous injection for the treatment
of autoimmune diseases mediated by pathogenic IgG antibodies. For
more information, visit www.immunovant.com.
About Roivant Sciences
Roivant's mission is to improve the delivery of healthcare to
patients by treating every inefficiency as an opportunity. Roivant
develops transformative medicines faster by building technologies
and developing talent in creative ways, leveraging the Roivant
platform to launch ‘Vants’ – nimble and focused biopharmaceutical
and health technology companies. For more information, visit
www.roivant.com.
Forward-Looking Statements
Certain statements in this communication are forward-looking
statements and are made pursuant to the safe harbor provisions of
the Securities Litigation Reform Act of 1995. These forward-looking
statements reflect, among other things, Immunovant’s ability to
expedite its development of IMVT-1401 for a wide range of
autoimmune disorders; Immunovant’s plan to over the next 12 months
to initiate a pivotal trial for myasthenia gravis, resume its
trials in WAIHA and TED and initiate at least two additional
clinical studies, including another pivotal trial in 2022; the
parties’ ability to develop IMVT-1401 to maximize benefit for
patients with high levels of unmet medical need; as well as
Immunovant’s current expectations, plans, strategies, including
plans to use the proceeds of the investment. There are a number of
risks, uncertainties, and conditions that may cause our actual
results to differ materially from those expressed or implied by
these forward-looking statements. These risks and uncertainties
include a number of factors related to our business, including the
uncertainties relating to the impact of the novel coronavirus
(COVID-19) pandemic on Immunovant’s business, results of
operations, cash flows, stock price and employees; the possibility
that any of the anticipated benefits of the strategic investment
from Roivant will not be realized; the outcome of any legal
proceedings that may be instituted against Immunovant or its
directors; the anticipated use of proceeds of the strategic
investment; economic and financial market conditions generally;
various risks to the price and volatility of our common stock; the
amount of the costs, fees, expenses and charges related to the
strategic investment, the risk that initial results or other
preliminary analyses or results of early clinical trials may not be
predictive final trial results or of the results of later clinical
trials; the timing and availability of data from clinical trials;
the timing of discussions with regulatory agencies, as well as
regulatory submissions and potential approvals; the continued
development of Immunovant’s product candidates, including the
timing of the commencement of additional clinical trials and
resumption of current trials; Immunovant’s scientific approach,
clinical trial design, indication selection and general development
progress; any product candidates that Immunovant develops may not
progress through clinical development or receive required
regulatory approvals within expected timelines or at all;
Immunovant’s product candidates may not be beneficial to patients,
or even if approved by regulatory authorities, successfully
commercialized; the risk that Immunovant’s business is heavily
dependent on the successful development, regulatory approval and
commercialization of its sole product candidate, IMVT-1401;
disruptions in the relationship with third party vendors; losses of
key management personnel and the inability to attract and retain
highly qualified management and personnel in the future; new or
changing tax laws or regulations; high costs of regulatory
compliance; and the competitive impact of legislation and
regulatory changes in the biopharmaceutical industry. A detailed
discussion of these and other risks and uncertainties that could
cause actual results and events to differ materially from such
forward-looking statements are discussed in more detail in our
filings with the Securities and Exchange Commission (the “SEC”),
including our reports on Form 10-K and Form 10-Q. Many of these
circumstances are beyond our ability to control or predict.
Moreover, forward-looking statements necessarily involve
assumptions on our part. These forward-looking statements generally
are identified by the words “believe,” “expect,” “anticipate,”
“estimate,” “project,” “intend,” “plan,” “should,” “may,” “will,”
“would,” “will be,” “will continue” or similar expressions. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause actual results,
performance or achievements of Immunovant and its subsidiaries to
be different from those expressed or implied in the forward-looking
statements. All forward-looking statements attributable to us or
persons acting on our behalf are expressly qualified in their
entirety by the cautionary statements that appear throughout this
communication. Furthermore, forward-looking statements speak only
as of the date they are made. Except as required under the federal
securities laws or the rules and regulations of the SEC, Immunovant
disclaims any intention or obligation to update or revise publicly
any forward-looking statements. You should not place undue reliance
on forward-looking statements.
Source: Immunovant
Contact:
Tom DorneyInvestor RelationsImmunovant,
Inc.info@immunovant.com
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