Immunovant Inc. (NASDAQ: IMVT) stock declines by 23.42% in the current market trading. Immunovant is a clinical-stage pharmaceutical firm dedicated to helping individuals with autoimmune disorders live normal lives.
Current Update on IMVT stock
Roivant Sciences stated that it has made a $200 million strategic investment in Immunovant. Immunovant plans to use the funds raised from this investment to continue developing IMVT-1401 for a variety of indications.
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Roivant paid $11.75 per share for 17,021,276 shares of Immunovant common stock, which was authorized by a special committee of Immunovant directors who were not affiliated with Roivant. This is around a 15% premium above Immunovant’s volume weighted average price over the last 20 trading days. Depending on Immunovant’s cash position and share number as of March 31, 2021, Immunovant has a pro forma cash balance of roughly $600 million, and Roivant has grown its ownership position in Immunovant from 57.5 percent to 63.8 percent.
Dr. Pete Salzmann, CEO of Immunovant commented,
Roivant has made a major investment in their development of IMVT-1401 for a variety of autoimmune diseases, which they are very enthusiastic about. They aim to start a pivotal study for myasthenia gravis in the next 12 months, restart their WAIHA and TED trials, and start at least two more clinical investigations, including another pivotal trial in 2022.
Matt Gline, Chief Executive Officer of Roivant Sciences stated,
Over the last few months, Roivant and Immunovant considered a number of options, such as Roivant acquiring a minority position in Immunovant, but finally decided on this huge investment to support a strong development strategy for IMVT-1401 and grow their stake in the firm. They’re really enthusiastic about the potential for IMVT-1401 and are thrilled to be able to help Immunovant with this investment. They look forward to working with Dr. Salzmann and the Immunovant management team to further develop IMVT-1401 so that it can provide the most benefit to individuals with high unmet medical needs
