Roivant is at again!

Week 38 Deals (2024)

September 20, 2024

Organon to acquire Dermavant, which owns rights to VTAMA cream globally (excluding China) and has out-licensed Japan rights

Structure: Definitive agreement for Organon to acquire Dermavant
Date Announced: September 18, 2024
Total Deal Value: Up to $1.2 billion
Upfront Cash: $175 million
Option Payments: $75 million milestone payment upon US AD approval (expected by CYE 2024)
Total Milestones: Up to $950 million aggregate (all at <$1 billion net sales)
Royalties: Tiered low-to-mid single-digit royalties on net sales below $1 billion
- 30% royalty on net sales over $1 billion
Debt: Organon to assume NovaQuest payments and RIPSA royalties with ~$286 million carrying value
- Roivant will not retain any Dermavant liabilities/obligations post-closing

Collaboration to develop RNA editing product candidates for cardiometabolic diseases

Structure: Research and collaboration agreement
Date Announced: September 16, 2024
Total Deal Value: Up to $530 million
Upfront Cash: $10 million (for the initial target), with an additional upfront fee for the second target (if nominated by Novo Nordisk)
Total Milestones: Up to $520 million
Royalties: Tiered, mid-single-digit percentage of annual net sales

Collaboration to develop a novel microbiome therapeutic for necrotizing enterocolitis.

Structure: Collaboration agreement to combine Nexilico's AI-driven discovery platform with Siolta's expertise in developing LBPs.
Date Announced: September 19, 2024

Partnership to develop genetic medicines targeting cardiometabolic and rare diseases.

Structure: Multi-year partnership for Novo Nordisk to use NanoVation's LNP technology for RNA delivery
Date Announced: September 17, 2024
Total Deal Value: Up to approximately $600 million
Upfront Cash & Milestones: Up to approximately $600 million
Royalties: Tiered royalties on future product sales

Collaboration to identify and develop novel small-molecule therapies against DNA-damage response (DDR) targets for the treatment of cancer

Structure: Research collaboration agreement.
Date Announced: September 17, 2024
Total Deal Value: Not disclosed
Upfront Cash: Low upfront fee to initiate work against each selected target
Option Payments: "TPP Fee" upon exercise of its option to acquire rights to drug candidates meeting a pre-specified target-product profile (TPP), and additional payments upon achievement of specified development milestones