Sumitomo Dainippon Pharma and Roivant Sciences complete strategic alliance and formation of new company, Sumitovant Biopharma, a wholly owned subsidiary of Sumitomo Dainippon Pharma
| LONDON and NEW YORK, Dec. 30, 2019 /PRNewswire/ -- Sumitovant Biopharma Ltd. was today unveiled as a new, global biopharmaceutical company through the closing of the transaction previously announced on October 31, 2019 between Sumitomo Dainippon Pharma Co., Ltd. (TSE: 4506), a leading Japanese pharmaceutical company, and Roivant Sciences, Inc., a technology-enabled healthcare company. Sumitovant will operate as a wholly owned subsidiary of Sumitomo Dainippon Pharma and will be the parent company of the five biopharma companies for which Roivant transferred its ownership interest: Myovant Sciences Ltd., Urovant Sciences Ltd., Enzyvant Therapeutics Ltd., Altavant Sciences Ltd., and Spirovant Sciences Ltd. In addition, Sumitovant will provide strategic guidance and direct the operations of the proprietary technology platforms now owned by Sumitomo Dainippon Pharma that were developed by Roivant: DrugOme and Digital Innovation. Sumitovant, Sumitomo Dainippon Pharma, and Roivant will each have access to these platforms. Sumitomo Dainippon Pharma has also acquired an 11% stake in Roivant and options to acquire Roivant’s ownership interests in 6 additional biopharma companies. For its consideration Roivant has received USD $3 billion from Sumitomo Dainippon Pharma. Myrtle Potter, former Vant Operating Chair at Roivant Sciences, has been appointed Chief Executive Officer of Sumitovant. As Vant Operating Chair Potter oversaw the development of thirty-five investigational drugs in eleven therapeutic areas and over fifty clinical trials, including four successful Phase 3 trials for the lead compounds at Myovant and Urovant. Potter brings a track record of leading teams that have delivered blockbuster drugs from early development to market. Under her leadership, Genentech achieved record sales and earnings growth for 19 of 20 consecutive quarters through the blockbuster commercialization of Herceptin®, Rituxan®, and Avastin® among others. Prior to Genentech she was President of Bristol-Myers Squibb’s U.S. Cardiovascular and Metabolic business where her business launched Plavix® (clopidogrel), created the multi-billion-dollar Glucophage® (metformin) platform that today remains a mainstay in diabetes treatment and achieved the multi-billion-dollar commercialization of Pravachol® (pravastatin). While at Merck she started the company Astra-Merck, Inc. which, through merger, became AstraZeneca. The first blockbuster launch Potter oversaw was Prilosec® which would ultimately become the first $5 billion drug in the world. Potter is a graduate of the University of Chicago and serves on the university’s board of trustees. She also serves on the boards of Liberty Mutual Insurance Group and Axsome Therapeutics. She has previously served on the boards of Amazon, Express Scripts, Medco Health Solutions and Rite Aid. “At Sumitovant, our single aim is to make a difference in the lives of people globally by rapidly developing innovative medicines that are made even better by our technology-enabled approach to drug discovery, development and commercialization,” said Ms. Potter. “We value the strategic capabilities and know-how from Sumitomo Dainippon Pharma, with its rich legacy of blockbuster drugs like Latuda®. Their support, coupled with the experience of our proven leadership team, positions Sumitovant to accelerate the pace of medical innovation for patients who need new treatment options today.” “I am pleased that we and Roivant have closed our important deal which comprises one of the strategic investments that we are making to address our challenges laid out in the Mid-term Business Plan 2022,” said Hiroshi Nomura, Representative Director, President and CEO of Sumitomo Dainippon Pharma and Chairman of the Sumitovant Board of Directors. “We are thrilled to have Sumitovant as one of the core growth engines for Sumitomo Dainippon. Sumitovant is headed by a proven leader in Myrtle Potter and has a strong pipeline of drug candidates for women’s health, urology, prostate cancer, and multiple rare diseases including cystic fibrosis. The closing of this deal now sets us squarely on a path to establish our position as a ‘Global Specialized Player’ which we aspire to be in 2033.” About Sumitovant Biopharma About the DrugOme and Digital Innovation Technologies Digital Innovation is a platform for applying technology to business problems to optimize business value. The involved technologists are embedded in each Vant and improve workflow and decision making by developing and deploying bespoke technologies and enabling automation. About Sumitomo Dainippon Pharma Co., Ltd. About Roivant Forward-Looking Statements Media Contacts: Sumitovant Biopharma, Inc. Roivant Sciences
SOURCE Sumitovant Biopharma | ||
Company Codes: Tokyo:4506, OTC-PINK:SMDPY |
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