*NEWS: Urovant Sciences Announces It Will Receive Loan to Enable It to Continue Seeking FDA Approval for its Lead Drug Therapy, Vibegron. Urovant is a Biopharma Startup Focused on Developing and Commercializing Therapies for Urologic Conditions…
This alliance is significant because it will include the transfer from Roivant Sciences to Sumitomo Dainippon Pharma of all of Roivant’s ownership interests in Urovant Sciences, according to a press release issued by Urovant on October 31.
Other significant aspects include:
– Sumitomo Dainippon Pharma said in the release that it has committed to provide an initial $200 million, low-interest, five-year term loan facility, with no repayments due until the end of the term
– Sumitomo Dainippon Pharma also said it expects to continue to fund Urovant Sciences’ operating needs through profitability
– Sumitomo Dainippon Pharma said it expects to provide Urovant Sciences with “enhanced” commercialization resources and infrastructure, including drug distribution, operations and managed care support
– Sumitomo Dainippon Pharma has agreed to enter into a shareholder rights agreement with Urovant Sciences providing for several protections for minority shareholders
Urovant — with locations in Irvine and Switzerland — said its three independent directors will continue to serve in this capacity. In addition, Urovant’s board of directors has appointed Pierre Legault as lead independent director.
“The initial long-term, low-cost loan facility obviates the need for any near-term financing and will allow us to stay focused on our planned NDA filing and subsequent commercial launch of vibegron upon U.S. Food and Drug Administration approval,” Keith Katkin, Urovant’s CEO said in the release.
About Urovant Sciences
Urovant Sciences is a clinical-stage biopharma startup focused on developing and commercializing therapies for urologic conditions.
Urovant’s lead product candidate, vibegron, is an oral, beta-3 agonist being evaluated for the treatment of overactive bladder.
Urovant has licensed global rights, excluding Japan and certain Asian territories, for the development and commercialization of vibegron.
Urovant’s second product candidate, which has not been branded yet, is a gene therapy being developed for patients with overactive bladder, who have failed oral pharmacological therapy.
Urovant said it intends to develop treatments for additional urologic diseases.
About Sumitomo Dainippon Pharma
Sumitomo Dainippon Pharma is among the top-ten listed pharma companies in Japan, operating globally in major pharma markets, including the U.S., China and the European Union.
It was created by the 2005 merger between Dainippon Pharmaceutical and Sumitomo Pharmaceuticals.
It has more than 6,000 employees worldwide.