Roivant catches the SPAC wave to Wall Street in $611M deal

As Roivant Sciences gears up its “next chapter,” the company is heading for the public markets by merging with a special purpose acquisition company, or SPAC, and raising $611 million in the process. 

Roivant will receive up to $411 million from the SPAC, Montes Archimedes Acquisition Corp., as well as $200 million through a private round from investors including Fidelity Management & Research Company, Eventide Asset Management, Palantir Technologies, Viking Global Investors, SoftBank and Sumitomo Dainippon Pharma. 

The deal is expected to close in the third quarter and the combined company will trade on the Nasdaq under the ticker “ROIV.”