September 6, 2019 / 5:44 AM / 9 days ago

Sumitomo Dainippon Pharma to invest $3 bln in Swiss Roivant

TOKYO, Sept 6 (Reuters) - Japan’s Sumitomo Dainippon Pharma Co will pay $3 billion for a 10% stake in Swiss drugmaker Roivant Sciences Ltd and interests in five of its biopharmaceutical businesses, the two companies said on Friday.

The deal, which will open up new drug lines for Sumitomo Dainippon, will also give it the option to acquire interests in an additional six businesses, as well as access to Roivant’s technology platforms, they said.

The deal comes as Sumitomo Dainippon’s schizophrenia treatment Latuda is due to lose its U.S. market exclusivity in 2023. The Japanese company will take ownership of Roivant units that develop treatments for prostate cancer, urinary diseases, pediatric illnesses and respiratory diseases, they said.

A fifth business unit will also be transferred before the deal’s conclusion.

The 11 businesses include more than 25 clinical programs with multiple product launches expected between 2020 and 2022, the two companies said. (Reporting by Rocky Swift; Editing by David Dolan and Muralikumar Anantharaman)

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