We are advising Roivant Sciences on its combination with a SPAC

Davis Polk is advising Roivant Sciences on its combination with Montes Archimedes Acquisition Corporation, a special purchase acquisition company sponsored by Patient Square Capital. Roivant is expected to have an initial market capitalization of $7.3 billion following the combination. The transaction is expected to deliver up to $611 million of gross proceeds to fund current development and discovery programs through the contribution of up to $411 million currently held in MAAC’s trust account, and a concurrent $200 million private placement priced at $10.00 per share. The closing of this transaction is expected in the third quarter of 2021, and is subject to the approval of MAAC’s shareholders and the satisfaction or waiver of certain other customary closing conditions.

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. MAAC is a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses in the healthcare industry. MAAC is sponsored by Patient Square Capital and led by Jim Momtazee and Maria Walker.

The Davis Polk corporate team includes partners Derek Dostal, Lee Hochbaum and Brian Wolfe and associates Michael Senders and Stephen A. Byeff. Partner David R. Bauer and counsel Bonnie Chen are providing intellectual property advice. Partner Kyoko Takahashi Lin and associate Travis Triano are providing executive compensation advice. Partner Po Sit is providing tax advice. All members of the Davis Polk team are based in the New York office.