ROIVW - Roche Completes Acquisition of Telavant from Roivant Including Rights to Novel TL1A Directed Antibody (RVT-3101) for the Treatment of Inflammatory Bowel Disease | Benzinga
BASEL, Switzerland and LONDON and NEW YORK, Dec. 14, 2023 (GLOBE NEWSWIRE) -- Roivant (NASDAQ:ROIV) announced today the completion of the previously announced acquisition by Roche ((SIX: RO, ROG, OTCQX:RHHBY) of Telavant, for an upfront payment of approximately $7.1 billion. Telavant holds the rights in the US and Japan to RVT-3101, a promising new therapy in development for people suffering from inflammatory bowel disease, including ulcerative colitis and Crohn's disease. Prior to the closing of the transaction, Roivant owned 75% of the issued and outstanding shares of common stock and preferred stock of Telavant, on an as-converted basis. An additional payment of $150 million in cash is payable upon the completion of a near-term milestone.
"We are pleased to announce the timely completion of the Telavant acquisition, and I am deeply grateful to everyone at Roivant and Telavant who worked tirelessly to develop RVT-3101, prepare for Phase 3, and execute this transaction. We look forward to seeing Roche continue the rapid development of RVT-3101 across multiple indications and ultimately transform the lives of patients with inflammatory and fibrotic diseases," said Mayukh Sukhatme, M.D., President and Chief Investment Officer at Roivant. "This transaction enables us to continue doing what we do best, at even greater scale: work creatively side by side with our partners on programs that could generate significant impact for patients in areas of high unmet need."
Additional information on the transaction can be found in the transaction announcement.
Freshfields Bruckhaus Deringer LLP acted as legal counsel to Roivant.
About Roivant
Roivant (NASDAQ:ROIV) is a commercial-stage biopharmaceutical company that aims to improve the lives of patients ...