M&A
confidence high
sentiment positive
materiality 0.75
Roivant sells Dermavant to Organon for up to $1.2B in cash plus royalties
Roivant Sciences Ltd.
- Total consideration up to ~$1.2B: $175M at closing, $75M milestone on FDA approval for atopic dermatitis, up to $950M in net sales milestones.
- Tiered royalties: low-to-mid single-digit % on net sales up to $1B, 30% on net sales above $1B; all paid pro rata to Dermavant equity holders.
- Roivant owns ~87% of Dermavant; merger expected to close Q4 2024, subject to HSR and antitrust conditions.
- Organon will assume Dermavant's existing revenue interest purchase and funding agreements at closing.
- Merger approved by Dermavant and Roivant boards and by shareholders holding at least 75% voting rights.