Roivant Sciences, a biopharmaceutical and healthcare technology company, and Montes Archimedes Acquisition Corp. (Nasdaq: MAAC), a special purpose acquisition company sponsored by Patient Square Capital, have announced that they have entered into a definitive business combination agreement. Upon closing of the transaction, outstanding shares and warrants of MAAC will be exchanged for newly issued shares and warrants of Roivant Sciences, which is expected to be listed on Nasdaq under the new ticker symbol “ROIV.”
The transaction is expected to deliver up to US$611 million of gross proceeds to fund discovery and development programs. This includes up to US$411 million currently held in MAAC’s trust account, as well as a concurrent US$200 million common stock private investment in public equity (PIPE) priced at US$10 per share. New institutional and strategic investors and existing Roivant shareholders have committed to participate in the PIPE, including Fidelity Management & Research Company LLC, Eventide Asset Management, Suvretta Capital, Palantir Technologies, RTW Investments, LP, Viking Global Investors, Sumitomo Dainippon Pharma, and SB Management, a subsidiary of SoftBank Group Corp. Proceeds are expected to extend the company’s operating runway through mid-2024.
Latham & Watkins LLP represented the placement agents in connection with the PIPE with a capital markets team led by New York partner Nathan Ajiashvili, Orange County partner Shayne Kennedy, and New York partner Alison Haggerty, with New York associates Salvatore Vanchieri, Andrew Weitzel, and Ian Lachow.
