Roivant rises as Organon agrees to buy its unit for up to $1.2 billion

Roivant Sciences

18/09/2024 13:20

** Shares of Roivant Sciences  ROIV.O  gain 2.5% to $12.35
premarket
    ** Healthcare company Organon  OGN.N  says it has agreed to
buy skin therapy developer Dermavant, a unit of Roivant, for up
to $1.2 billion
    ** The deal gives OGN access to Dermavant's psoriasis cream,
VTAMA, approved by the U.S. FDA in May 2022
    ** OGN to make an upfront payment of $175 million, as well
as milestone payments of up to $950 million as part of the deal
    ** OGN expects to close the transaction in Q4 this year
    ** Up to last close, ROIV shares up 7.3% YTD

 (Reporting by Mariam Sunny in Bengaluru)
 ((Mariam.ESunny@thomsonreuters.com;))