Roivant Sciences Ltd.’s Merger with Montes Archimedes Acquisition Corp.

Conyers and Davis Polk & Wardwell is advising Roivant Sciences Ltd., in its business combination by merger of a subsidiary with Montes Archimedes Acquisition Corp. (MAAC) to combine and create publicly traded Biopharma and Health Technology company. Kirkland & Ellis LLP is acting as legal counsel to MAAC. Latham & Watkins LLP represented the placement agents in connection with the PIPE.

The transaction includes US$411 million in trust at MAAC and a concurrent, fully committed US$200 million PIPE financing from leading healthcare investors including Fidelity Management & Research Company LLC, Eventide Asset Management, Suvretta Capital, RTW Investments, LP, Viking Global Investors, and SB Management, a subsidiary of SoftBank Group Corp., as well as strategic investors including Sumitomo Dainippon Pharma and Palantir Technologies.

A pro forma net cash position of up to US$2.3 billion following transaction will enable strategic pipeline expansion through internal drug discovery and in-licensing, continued development of wholly-owned drugs, and commercialization

Following the completion of the business combination, which is anticipated in Q3 2021, shares in Roivant are expected to trade on Nasdaq under the ticker symbol “ROIV” with a valuation in the region of US$7.3 Billion.

Roivant’s mission is to improve the delivery of healthcare to patients by treating every inefficiency as an opportunity. 

J.P. Morgan Securities LLC, SVB Leerink LLC, Citigroup Global Markets Inc.,  and Truist Securities, Inc. acted as placement agents for the PIPE.

The Conyers’ team comprised of Neil Henderson (Picture), Robert Alexander and Sophia Collis. 

Davis Polk advised Roivant Sciences with partners Derek Dostal, Lee Hochbaum and Brian Wolfe and associates Michael Senders and Stephen A. Byeff. Partner David R. Bauer and counsel Bonnie Chen provided intellectual property advice. Partner Kyoko Takahashi Lin and associate Travis Triano provided executive compensation advice. Partner Po Sit provided tax advice. 

Kirkland & Ellis advised Montes Archimedes Acquisition Corp. with a team led by corporate partners Ryan Brissette and Michael Weisser and associates Christopher Burwell, James Long, Arjun Karthikeyan and Justin Prindle, capital markets partners Sophia Hudson and Sharon Freiman and associates Anthony Zangrillo and Kyle Unice, restructuring associates Patrick Venter, Jordan Elkin and Maddison Levine, and tax partners Jared Rusman and William Dong and associate Nicole Martin.

Latham & Watkins LLP represented the placement agents in connection with the PIPE with a capital markets team led by New York partner Nathan Ajiashvili, Orange County partner Shayne Kennedy, and New York partner Alison Haggerty, with New York associates Salvatore Vanchieri, Andrew Weitzel, and Ian Lachow.

Involved fees earner: Robert Alexander – Conyers Dill & Pearman; Sophia Collis – Conyers Dill & Pearman; Neil Henderson – Conyers Dill & Pearman; David Bauer – Davis Polk & Wardwell; Stephen Byeff – Davis Polk & Wardwell; Bonnie Chen – Davis Polk & Wardwell; Derek Dostal – Davis Polk & Wardwell; Lee Hochbaum – Davis Polk & Wardwell; Michael Senders – Davis Polk & Wardwell; Po Sit – Davis Polk & Wardwell; Kyoko Takahashi Lin – Davis Polk & Wardwell; Travis Triano – Davis Polk & Wardwell; Brian Wolfe – Davis Polk & Wardwell; Ryan Brissette – Kirkland & Ellis; Christopher Burwell – Kirkland & Ellis; William Dong – Kirkland & Ellis; Jordan Elkin – Kirkland & Ellis; Sharon Freiman – Kirkland & Ellis; Sophia Hudson – Kirkland & Ellis; Arjun Karthikeyan – Kirkland & Ellis; James Long – Kirkland & Ellis; Nicole Martin – Kirkland & Ellis; Jared Rusman – Kirkland & Ellis; Kyle Unice – Kirkland & Ellis; Patrick Venter – Kirkland & Ellis; Michael Weisser – Kirkland & Ellis; Anthony Zangrillo – Kirkland & Ellis; Nathan Ajiashvili – Latham & Watkins; Alison Haggerty – Latham & Watkins; Shayne Kennedy – Latham & Watkins; Ian Lachow – Latham & Watkins; Salvatore Vanchieri – Latham & Watkins; Andrew Weitzel – Latham & Watkins;

Law Firms: Conyers Dill & Pearman; Davis Polk & Wardwell; Kirkland & Ellis; Latham & Watkins;

Clients: Citigroup Global Markets Ltd; J.P. Morgan Securities LLC; Montes Archimedes; Roivant Sciences Ltd.; SVB Leerink LLC; Truist Securities Inc. ;

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