Roivant Sciences Announces Change to its Board of Directors

Rhea-AI Summary

Roivant Sciences (Nasdaq: ROIV) announced the resignation of founder Vivek Ramaswamy from its board of directors to focus on his U.S. presidential campaign. Ramaswamy founded Roivant in 2014, leading to six FDA approvals for drugs developed by the company, including VTAMA in 2022. He transitioned out of his CEO role in January 2021 and served as Chairman until February 20, 2023. CEO Matt Gline expressed gratitude for Ramaswamy's contributions and emphasized the company's mission to transform drug development remains intact.

Positive

• Vivek Ramaswamy's resignation allows for new leadership perspectives.
• The company has a strong track record, with six FDA approvals since its inception.

Negative

• Potential concerns about continuity in leadership after Ramaswamy's exit.

BASEL, Switzerland and LONDON and NEW YORK and BOSTON, Feb. 21, 2023 (GLOBE NEWSWIRE) -- Roivant Sciences (Nasdaq: ROIV) today announced that its founder Vivek Ramaswamy has stepped down from the company’s board of directors to focus on his U.S. presidential campaign.

Vivek founded Roivant in 2014 with the vision of revolutionizing drug development. Over the past decade, the FDA has granted six FDA approvals for medicines developed at Vants launched by Roivant, including VTAMA, approved for plaque psoriasis in 2022.

In January 2021, Vivek transitioned out of his day-to-day role as CEO of the company. He served as Roivant’s Chairman until February 20, 2023.

“On behalf of the entire company, I would like to extend our deepest gratitude to Vivek for his vision and leadership over the years. Vivek started Roivant in 2014 to transform the way that meaningful therapies were developed and commercialized, and that mission is still very much a part of Roivant’s DNA today. We are grateful for Vivek’s contributions to the board and to the organization, and we wish him well in his future endeavors,” said Matt Gline, CEO of Roivant.

About Roivant Sciences

Roivant's mission is to improve the delivery of healthcare to patients by treating every inefficiency as an opportunity. Roivant develops transformative medicines faster by building technologies and developing talent in creative ways, leveraging the Roivant platform to launch "Vants" – nimble and focused biopharmaceutical and health technology companies.

Roivant Sciences Forward-Looking Statements

This press release contains forward-looking statements. Statements in this press release may include statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which are usually identified by the use of words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and variations of such words or similar expressions. Such words may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act.

Our forward-looking statements include, but are not limited to, statements regarding the terms and completion of the proposed public offering, our or our management team’s expectations, hopes, beliefs, intentions or strategies regarding the future, and statements that are not historical facts, including statements about the clinical and therapeutic potential of our products and product candidates, the availability and success of topline results from our ongoing clinical trials and any commercial potential of our products and product candidates. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements.

Although we believe that our plans, intentions, expectations and strategies as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a number of risks, uncertainties and assumptions, including, but not limited to, those risks set forth in the Risk Factors section of our filings with the U.S. Securities and Exchange Commission. Moreover, we operate in a very competitive and rapidly changing environment in which new risks emerge from time to time. These forward-looking statements are based upon the current expectations and beliefs of our management as of the date of this press release, and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Except as required by applicable law, we assume no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts:

Investors

Roivant Investor Relations
ir@roivant.com

Media

Stephanie Lee
Roivant Sciences
stephanie.lee@roivant.com

FAQ

Why did Vivek Ramaswamy step down from Roivant's board?

Vivek Ramaswamy stepped down to focus on his U.S. presidential campaign.

What impact might Ramaswamy's resignation have on Roivant Sciences?

His departure could lead to leadership changes affecting the company's strategic direction.

How many FDA approvals has Roivant achieved?

Roivant has achieved six FDA approvals for its developed medicines.

What role did Vivek Ramaswamy previously hold at Roivant?

He served as both CEO and Chairman before stepping down.