Roivant Sciences, a Basel, Switzerland-based developer of rapidly developing innovative medicines through a novel form of industrial organization in R&D, raised $200m in equity financing.
Backers included new investors NovaQuest Capital Management, RTW Investments, other large institutional asset managers, and existing institutional shareholders.
The round, which is expected to close by early December, valued Roivant at approximately $7 billion.
The company intends to use the funds to launch additional Vants developing innovative medicines and technologies.
Led by Vivek Ramaswamy, Founder & CEO, Roivant aims to improve health by delivering innovative medicines and technologies. To this end, the company builds Vants – nimble, entrepreneurial biotech and healthcare technology companies sourcing talent, aligning incentives, and deploying technology to drive efficiency in R&D and commercialization.
Since its last financing in 2017, the company has grown the number of therapies in development from 14 to 34, the number of Vants from 6 to 14 and the number of employees across Roivant and the Vants from under 350 to over 750.
In addition, its subsidiary Enzyvant initiated a Biologics License Application for a regenerative therapy to the U.S. Food and Drug Administration.