The following is an excerpt from Nathan Vardi | October 27, 2016 | Forbes.com |
Vivek Ramaswamy, the 31-year-old pharmaceutical deal maker and drug developer, has done it again, pulling off the biggest biotechnology initial public offering of 2016, the second-year in a row he has been behind a giant biotech IPO.
Myovant Sciences, a company Ramaswamy formed in April, raised $218 million by selling stock at $15 a piece and is listing on the New York Stock Exchange on Thursday. The IPO values Myovant at some $878 million.
Earlier this year, Myovant obtained its only assets, a prostate cancer drug and a female infertility drug, both under development, from Takeda Pharmaceuticals. Ramaswamy did not pay any cash for the drugs and instead Myovant issued Takeda 5.1 million shares, 12% of Myovant, and promised to pay a high single-digit royalty on Myovant’s net sales of both drugs.
Ramawamy also managed to attract Lynn Seely as Myovant’s CEO. For a decade, Seely was the chief medical officer of Medivation and led the development of Xtandi, a hugely successful prostate cancer drug with $2 billion in annual sales. In order to acquire Xtandi, Pfizer in September bought Medivation for $14 billion.
For more visit: Forbes.com