Sumitomo Dainippon Pharma Co., a pharmaceutical firm based in Japan, publicized today how they had signed a non-binding memorandum of understanding with Roivant Sciences Ltd., a technology enabled healthcare firm, for the formation of a vital multi-national Sumitomo Dainippon-Roivant Alliance which intends to incorporate Roivant’s ownership interests in Urovant Sciences along with 4 other biopharmaceutical “Vant” firms. Sumitomo Dainippon Pharma also stated how it would gain options to attain Roivant’s ownership interests in up to six added biopharmaceutical vants, not named in the Alliance announcement. The firm will also have, for $3 billion upfront, access to Roivant proprietary technology platforms, Digital Innovation and DrugOme.
Sumitomo Dainippon Pharma intends to take a considerable stake of more than 10% in Roivant through the agreement. This will result in a Sumitomo Dainippon-Roivant Alliance incorporating over 25 clinical programs and numerous possible product launches in the upcoming years.
Roivant and Sumitomo Dainippon Pharma are expected to formally sign the arrangement for their Strategic Alliance towards the end of October of this year. The deal will have to undergo customary closing conditions and any essential governmental approvals.
The Representative Director, President, and CEO of Sumitomo Dainippon Pharma, Hiroshi Nomura, stated how the company admired Roivant’s innovative business model and underlying culture, and how they were looking forward to strengthening their relationship with Roivant.
Keith Katkin, the chief executive officer of Urovant (whose parent firm is Sumitomo Dainippon Pharma), said: “We look forward to this promising new Alliance which provides significant advantages for us as we prepare for the commercial launch of vibegron.”
Sumitomo Dainippon intends to play its part in the commercialization of vibegron by leveraging the possible advantages of scale of Sumitomo Dainippon Pharma’s international commercial structure including, market access, drug supply, production, etc.