Sumitomo Pharma completed the acquisition of a 10% stake in Roivant Sciences for $3bn.

Sumitomo Dainippon Pharma, a Japanese drug manufacturer, completed the acquisition of a 10% stake in Roviant Sciences, a Swiss drug manufacturer, for $3bn. Sumitomo Dainippon-Roivant Alliance, a new entity to be wholly owned by Sumitomo Dainippon Pharma, is expected to assume Roivant’s ownership interests in Myovant Sciences, Urovant Sciences, Enzyvant Therapeutics, Altavant Sciences, and one additional company to be specified before the execution of the definitive agreement. "I am pleased that we and Roivant have closed our important deal which comprises one of the strategic investments that we are making to address our challenges laid out in the Mid-term Business Plan 2022. We are thrilled to have Sumitovant as one of the core growth engines for Sumitomo Dainippon," Hiroshi Nomura, Sumitomo Representative Director, President, and CEO.