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Roivant Sciences (NASDAQ:ROIV) stock price surged by more than 15% in the pre-market session after the company made a successful drag exit. The shares surged to a high of $11.20, the highest level since Wednesday. In all, the stock has surged by more than 345% from the lowest level this year, giving it a market cap of over $7.6 billion.
ROIV chart by TradingView
Roivant Sciences, the company started by Vivek Ramaswamy, the Republican presidential candidate is in the headlines on Monday. The company reached a deal to sell Televant to Roche in a deal valued at over $7 billion.
Roche will pay $7.1 billion upfront and then $150 million after making some milestones. This is notable since Roivant Sciences owns 75% ofTelevant. The other part is owned by Pfizer, the giant pharmaceutical company.
Locavant is developing a drug to treat bowel disease, a condition that affects over 8 million people in the United States.
This means that Roivant Sciences will receive over $5.2 billion. This is a significant amount for a company valued at over $7.6 billion. It also marks another milestone for the company. As I wrote recently, Immunovant stock price surged after the company recorded strong results for its antibody drug.
Roivant Sciences also has a strong pipeline across its other companies like Dermavant, Genevant, Datavant, Covant, and Locavant among others.
The deal is a good one for Vivek Ramaswamy, who is vying to be the next president of the United States. According to Forbes, Vivek has a net worth of over $1 billion, thanks his 10% stake in Roivant Sciences. He also owns cryptocurrencies, which are soaring.
Vivek Ramaswamy also owns Strive Capital, a company valued at over $300 million. Strive is an investment company that has numerous ETFs. Its biggest ETF is Strive 500 ETF, which has over $268 million in assets.
The post Roivant Sciences stock: Good news for Vivek Ramaswamy appeared first on Invezz
