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Biotech firm Roivant Sciences to go public via $7.3 billion SPAC deal

Kitco News

(Reuters) -Roivant Sciences said on Monday it would go public through a merger with blank-check firm Montes Archimedes Acquisition Corp, backed by former KKR & Co dealmaker Jim Momtazee, in a deal that values the biotech company at $7.3 billion.

The deal is expected to deliver up to $611 million of gross proceeds to fund Roivant's discovery and development programs.

Investors including Fidelity Management & Research and SB Management, a subsidiary of SoftBank Group Corp have agreed to invest $200 million in the deal.

After the deal closes in the third quarter this year, the biotech firm will list on the Nasdaq under the ticker symbol "ROIV".

SPACs are shell companies that raise funds through an initial public offering to take a private company public through a merger at a later date.

Reporting by Niket Nishant and Dania Nadeem in Bengaluru; Editing by Ramakrishnan M.

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