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<ul><li><keyword id="5899662" type="ORGANIZATION" weightage="60" keywordseo="myovant">Myovant</keyword> shares gained as much as 35% on Monday after announcing a partnership with <keyword id="44612" type="CITY" weightage="60" keywordseo="Pfizer">Pfizer</keyword> to develop and commercialize a relugolix drug for the treatment of prostate cancer patients. </li><li>Myovant and Pfizer are also awaiting regulatory approval for a relugolix combination drug that could treat patients with uterine fibroids and <keyword id="131151" type="PERSON" weightage="60" keywordseo="Endometriosis">endometriosis</keyword>. </li><li>Myovant is up roughly 86% year-to-date as of Monday afternoon. Meanwhile, Pfizer dipped 1.3% on Monday, continuing its December sell-off that's likely led by investors taking vaccine profits before the year ends.</li><li><a href="https://markets.businessinsider.com/stocks/myov-stock">Watch Myovant trade live here</a>. </li></ul>Shares of <a href="https://markets.businessinsider.com/stocks/myov-stock">Myovant</a> surged as much as 35% to $30 on Monday after the biopharmaceutical company announced a partnership with <a href="https://markets.businessinsider.com/stocks/pfe-stock">Pfizer</a> to develop and commercialize a drug for the treatment of prostate cancer patients. The drug, called Orgovyx, was approved by the FDA on December 18 for the treatment of adult patients with advanced prostate cancer. Myovant is also working on a relugolix combination tablet that could treat patients with endometriosis and uterine fibroids. That tablet is still awaiting <keyword id="613244" type="UNKNOWN" weightage="60" keywordseo="FDA-approval">FDA approval</keyword>. "We are thrilled to partner with Pfizer to unlock the full potential of ORGOVYX in advanced prostate cancer and relugolix combination tablet in uterine fibroids and endometriosis, advancing our mission to redefine care for women and for men," said Lynn Seely, Myovant CEO, in an announcement. "This transformative collaboration will significantly strengthen the upcoming launch of ORGOVYX and the potential launches of relugolix combination tablet in women's health, while substantially enhancing our financial position and enabling us to expand our pipeline of potential new medicines."Read more:<a href="https://www.businessinsider.com/stock-market-risks-what-factors-could-cause-next-crash-2021-2020-12">Wall Street's biggest firms are warning that these 8 things could crash the stock market's party in 2021</a>Shares of Myovant are up roughly 86% year-to-date as of Monday afternoon. Meanwhile, Pfizer dipped 1.3% on Monday, continuing its December sell-off that's likely led by investors taking vaccine profits before the year ends.Under the partnership, Myovant and Pfizer will jointly develop and commercialize Orgovyx and, if approved, the relugolix combination tablet in the US and Canada. The partnership is worth up to $4.2 billion, according to a <a href="https://www.globenewswire.com/news-release/2020/12/28/2150813/0/en/Myovant-Sciences-and-Pfizer-Announce-Collaboration-to-Develop-and-Commercialize-Relugolix-in-Oncology-and-Women-s-Health.html">statement from the companies</a>.

Myovant leaps 35% on Pfizer partnership for development of prostate-cancer drug

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Lisa Lake/GettyRoivant CEO Vivek Ramaswamy</div></div></div><ul class="summary-list"><li>Pharmaceutical company Roivant Sciences just raised $200 million at a $7 billion valuation. </li><li>The funding included participation from NovaQuest Capital Management, RTW Investments, and institutional asset managers.</li><li>It comes a little more than a year after Roivant raised $1.1 billion in a round led by <a href="https://www.businessinsider.com/roivant-and-vivek-ramaswamy-raise-11-billion-from-softbank-vision-fud-2017-8">SoftBank's Vision Fund.</a></li></ul>A company known for developing drugs that other pharmaceutical companies have abandoned has raised an additional $200 million at a $7 billion valuation. That's up 20% from the company's previous valuation of $5.6 billion, according to a source familiar with the matter.The funding included participation from new investors NovaQuest Capital Management and RTW Investments, and other institutional asset managers. Roivant said in a release that the round is expected to close in December. The funding comes a little more than a year after the monster $1.1 billion round Roivant raised in 2017 in a round led by <a href="https://www.businessinsider.com/roivant-and-vivek-ramaswamy-raise-11-billion-from-softbank-vision-fud-2017-8">SoftBank's Vision Fund.</a>Roivant, which was founded by 33-year-old CEO Vivek Ramaswamy, is a pharmaceutical company known for identifying experimental drugs other companies may have stopped developing for one reason or another that still have potential to get approved and on the market. So far, it's launched 14 subsidiary companies and has four public companies under its wings. Those include neurodegenerative disease drug developer <a href="https://www.businessinsider.com/axovant-alzheimers-drug-shows-positive-phase-2-results-2015-7">Axovant,</a>women's health company <a href="https://www.forbes.com/sites/nathanvardi/2016/10/27/biggest-biotech-ipo-of-2016-is-launched-by-31-year-old/#a48c7272c910">Myovant</a>, and urology company Urovant. <a href="https://www.businessinsider.com/roivant-and-vivek-ramaswamy-raise-11-billion-from-softbank-vision-fud-2017-8"></a>Read more: <a href="https://www.businessinsider.com/jackie-fouse-leaves-dermavant-for-agios-pharmaceuticals-2018-9">Pharma veteran Jackie Fouse is leaving a SoftBank-backed biotech founded by a 33-year-old to run a cancer drugmaker</a>It's been a critical year for Roivant. Its first company, Axovant, experienced trial failures with its lead Alzheimer's disease drug. Axovant has since <a href="https://www.businessinsider.com/axovant-terminates-development-of-dementia-drug-2018-1">discontinued that drug program</a> and pivoted to developing <a href="https://www.businessinsider.com/category/axovant">a gene therapy for Parkinson's disease</a>. One of Roivant's companies also had one of the biggest initial public offerings of the year: <a href="https://www.businessinsider.com/top-biotech-ipos-of-2018-2018-9#urovant-sciences-urov-7">Urovant raised $140 million</a> in September. Roivant said in a release that it's expecting late-stage data from six of its clinical trials in 2019. See also: <ul><li><a href="https://www.businessinsider.com/athenahealth-history-with-activist-investor-elliott-management-deal-2018-11">With a $5.7 billion deal, Athenahealth will become a 'formidable competitor' in a growing part of healthcare</a></li><li><a href="https://www.businessinsider.com/moderna-president-stephen-hoge-compensation-revealed-in-ipo-filing-2018-11">The president of the company headed for the biggest IPO in biotech history has a surprisingly large pay package</a></li></ul> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/why-are-human-breasts-big-2018-2">The science of why human breasts are so big</a></h3> <div> </div> </div>

A biotech led by a 33-year-old CEO just raised hundreds of million at a $7 billion valuation, and it plans to use the money to give old drugs new life

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Courtesy AgiosJackie Fouse</div></div></div><ul><li>Pharma veteran Jackie Fouse is leaving her role as executive chairman at Dermavant, a company founded by <a href="https://www.businessinsider.com/roivant-and-vivek-ramaswamy-raise-11-billion-from-softbank-vision-fud-2017-8">Vivek Ramaswamy</a>, to join cancer drugmaker Agios Pharmaceuticals as CEO.</li><li>Before Dermavant, Fouse was president of biotech giant Celgene. </li><li>It's the second major executive departure for Roivant Sciences' portfolio of companies. </li><li>Current Agios CEO David Schenkein will move into the executive chairman role in February 2019.</li></ul>Another top executive is leaving a biotech that's part of Roivant Sciences, the company founded by 33-year-old former <a href="https://www.businessinsider.com/axovant-alzheimers-drug-starts-phase-3-trial-2015-10">hedge fund manager</a> Vivek Ramswamy. Pharma veteran Jackie Fouse, currently the executive chairman of Roviant subsidiary Dermavant, will become CEO of cancer drug company Agios Pharmaceuticals in February 2019, the drugmaker said on Tuesday. Fouse, who worked with Agios during her time at Celgene and as a board member, came into the role after other board members asked if she'd be willing to be considered as a potential candidate to replace current Agios CEO David Schenkein. After serving as Celgene's president, Fouse joined Dermavant, a dermatology company that's part of the Roivant Sciences umbrella, in July 2017. The goal of Roivant is to spot and develop drugs that other pharmaceutical companies have ditched.Roivant raised $1.1 billion in 2017 in a round led by <a href="https://www.businessinsider.com/roivant-and-vivek-ramaswamy-raise-11-billion-from-softbank-vision-fud-2017-8">SoftBank's Vision Fund,</a> and has so far launched 12 subsidiary companies. Those include neurodegenerative disease drug developer <a href="https://www.businessinsider.com/axovant-alzheimers-drug-shows-positive-phase-2-results-2015-7">Axovant,</a> women's health company <a href="https://www.forbes.com/sites/nathanvardi/2016/10/27/biggest-biotech-ipo-of-2016-is-launched-by-31-year-old/#a48c7272c910">Myovant</a>, and urology company Urovant. Fouse is now the second major executive to leave a Roivant company. In February, former Medivation CEO David Hung left his post as chief executive of Axovant. Hung <a href="https://www.businessinsider.com/david-hung-resigns-as-axovant-ceo-2018-2">had been at Axovant for only 10 months,</a> during which time its lead Alzheimer's drug failed a key clinical trial. Axovant has since <a href="https://www.businessinsider.com/axovant-terminates-development-of-dementia-drug-2018-1">discontinued that drug program</a> and pivoted to developing <a href="https://www.businessinsider.com/category/axovant">a gene therapy for Parkinson's disease</a>. In June, <a href="https://www.prnewswire.com/news-releases/roivant-announces-creation-of-roivant-pharma-and-roivant-health-and-launch-of-altavant-300672307.html">Roivant also went</a> through a restructuring that included a 10% cut to its staff. Agios Pharmaceuticals is a cancer drugmaker that has <a href="https://www.businessinsider.com/agios-pharmaceuticals-cancer-drug-ivosidenib-approved-by-fda-2018-7">two approved treatments</a> for acute myeloid leukemia. The two drugs work to starve out cancer cells, targeting something known as cancer cell metabolism.Schenkein will move to an executive chairman position following Fouse's appointment.See also:<ul><li><a href="https://www.businessinsider.com/david-hung-resigns-as-axovant-ceo-2018-2">The CEO of a biotech founded by a 32-year old is stepping down after 10 months - and the stock is crashing</a></li><li><a href="https://www.businessinsider.com/agios-pharmaceuticals-cancer-drug-ivosidenib-approved-by-fda-2018-7">The FDA just approved a new cancer drug that's part of a groundbreaking approach to tackling the disease</a></li></ul> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/how-tick-bite-can-make-you-allergic-red-meat-2018-8">One bite from this tick could ruin red meat for the rest of your life</a></h3> <div> </div> </div>

Pharma veteran Jackie Fouse is leaving a SoftBank-backed biotech founded by a 33-year-old to run a cancer drugmaker

<div class="KonaFilter image-container display-table"><div><div class="image on-image">ReutersInstead of turning to surgery, drugmakers are hoping to treat diseases like uterine fibroids and endometriosis with new medications.</div></div></div><ul><li>The FDA just approved elagolix, a new treatment for women living with endometriosis.</li><li>Endometriosis, a condition that affects millions of women, occurs when tissue from the uterus grows outside of it, leading to cysts, heavy bleeding, and scarring. </li><li>It's the first new treatment in a pill form for the disorder in more than a decade. </li></ul>The FDA just approved a new treatment for endometriosis. The drug, elagolix - now marketed as Orilissa - is made by AbbVie in partnership with Neurocrine Biosciences, and it's taken as a daily pill. It's the first new treatment for the disorder in a pill form in more than a decade. An estimated <a href="https://icer-review.org/wp-content/uploads/2017/12/ICER_Elagolix_Draft_Evidence_Report_050418.pdf">4 to 10 million women</a> in the US are living with endometriosis, a condition in which tissue from the uterus grows outside the uterus, leading to cysts, heavy bleeding, and scarring. Worldwide, the <a href="https://www.endofound.org/endometriosis">Endometriosis Foundation of America</a> estimates that the condition affects 200 million women. The condition has made headlines in recent years as "Girls" creator Lena Dunham has publicly documented her <a href="https://www.thisisinsider.com/lena-dunham-hysterectomy-endometriosis-2018-2">experience living with the condition.</a>Up until now, endometriosis has been treated through hormone-altering medications including birth control as well as surgery to remove the tissue. Endometriosis can be a painful condition, but that pain can often be misconstrued for regular period cramps.That can mean diagnosing the condition can take <a href="https://www.endofound.org/endometriosis">about 10 years</a> after symptoms start showing up. In the case of Piraye Beim, 39, she went undiagnosed until she almost gave birth to her second child in an Uber on the way to the hospital because she hadn't realized just how far along into labor she was. To Beim, the pain from labor was the same as her monthly period."It was a very emotional realization for me that what I thought was a normal part of being a woman wasn't normal at all," said Beim, who is the CEO of women's health company Celmatix. "Going through that and realizing that transitional labor is what my periods feel like is why I started seeking answers at that point." For others, like Kristy Curry, 40, from New York, it took a few visits to the emergency room before she got a diagnosis. She had thought maybe she was just more sensitive to painful cramping. "Something bigger seems to be going on," she eventually realized. She's undergone surgery to remove the tissue and uses birth control to mitigate symptoms and follows a vegan diet in the hopes that it could mitigate some of the symptoms.Michelle Kinney, an executive at a spa management company, didn't realize she had endometriosis until she underwent surgery for what she thought was appendicitis. She's now had surgery three times, but doesn't take medication apart from the occasional pain drugs. Her pain - which she describes as sometimes feeling like little people in side her skating around on razor blades and other times like someone's poured gasoline inside her - often leaves her in a position where she can't get out of bed. "There's no getting up," she said. The pain can manifest itself differently. For Curry, she describes it as a twisting, stabbing pain. For Michelle Gilmore, a 34-year-old software designer, the pain comes in various forms."It's almost like the pain has become an object attached to me," she said. That could mean anything from a slight pulsing sensation in her left ovary, or at its worst like someone's grating her insides. She recently had surgery, and "reluctantly" went on birth control after. Treating endometriosis involves changing hormone levels in the body, and events like pregnancy and menopause <a href="https://www.mayoclinic.org/diseases-conditions/endometriosis/symptoms-causes/syc-20354656">can bring relief</a>. From a medication perspective, there have been a few ways to mimic that, including using leuprolide, a hormone suppressant that's injected, and contraceptives. But those treatments can come with major side effects, including bone density loss and hot flashes. <h2>A new wave of treatments</h2>Orilissa, taken as a pill, works by altering hormone levels in women endometriosis to reduce the pain associated with the conditions."It's a drug that suppresses estrogen gently," Dr. Sanjay Agarwal, a professor and Director of Fertility Services in the UC San Diego Department of Reproductive Medicine, who was an investigator on the Orilissa trial. "The goal is to reduce the pain of endometriosis without creating excessive problems from low estrogen levels." Those include bone density loss and hot flashes that are side effects of other treatments. This is the first time there's been new treatments for endometriosis since the 1990s, Dr. Linda Giudice, a reproductive endocrinologist and <a href="https://profiles.ucsf.edu/linda.giudice">professor the University of California-San Francisco</a> told Business Insider. For endometriosis alone, the market is estimated to be as much as $6.8 billion, according to analysts at Jefferies. To put that into perspective, a condition like rheumatoid arthritis, which <a href="https://www.arthritis.org/Documents/Sections/About-Arthritis/arthritis-facts-stats-figures.pdf">impacts fewer patients</a> in the US, <a href="https://www.grandviewresearch.com/industry-analysis/rheumatoid-arthritis-therapeutics-market">has a roughly $10 billion market</a>. This may be because while endometriosis affects millions of women in the US, many are misdiagnosed for years. And even if doctors believe a woman might have the disorder, diagnosis requires a complicated, full-on surgical procedure. Elagolix is the first in a new wave of treatments in development for both endometriosis and uterine fibroids, a separate condition characterized by benign tumors that grow in and around the uterus that can <a href="https://medlineplus.gov/uterinefibroids.html">cause heavy bleeding</a> and pain. Kevin Gorman, the CEO of Neurocrine Biosciences told Business Insider that the drug first started clinical trials as far back as 2003. Getting the drug through phase 3 trials alone took up the last seven years. Here are some other drugs in the works to treat uterine fibroids and endometriosis, some of which are looking to compete with Orilissa. <ul><li>Myovant's drug, relugolix, works by suppressing estrogen to low levels, and then reintroducing just enough so that it doesn't lead to bone density loss. The US trials for Relugolix should wrap up in 2019, but a <a href="http://investors.myovant.com/news-releases/2017/10-03-2017-031909981">phase 3 trial conducted in Japan</a> found that the drug worked as well as leuprolide, one of the treatments currently available for uterine fibroids.</li><li>AbbVie is also running a trial to see how Orilissa works in treating uterine fibroids. In 2018, <a href="https://news.abbvie.com/news/abbvie-announces-positive-topline-results-from-phase-3-study-evaluating-investigational-elagolix-in-women-with-uterine-fibroids.htm">two</a> of its <a href="https://news.abbvie.com/news/abbvie-announces-positive-topline-results-from-second-phase-3-study-evaluating-investigational-elagolix-in-women-with-uterine-fibroids.htm">phase 3 trials</a> had positive results by reducing heavy menstrual bleeding in 68.5% and 76% of the women on the trial with uterine fibroids, respectively, compared to a 8.7% and 10.1% reductions in the placebo group. </li><li>Allergan is developing Esmya, a drug that's being investigated for use in uterine fibroids. The drug works by modulating progesterone, a key hormone for women relating to the uterus. Allergan is aiming for a <a href="https://www.allergan.com/news/news/thomson-reuters/allergan-announces-fda-has-extended-the-ulipristal">potential approval by August</a>. </li><li>Bayer's drug, vilaprisan, also works by modulating progesterone levels to treat uterine fibroids and endometriosis. In July 2017, Bayer began a <a href="http://www.investor.bayer.de/en/nc/news/investor-news/investor-news/bayer-starts-phase-iii-study-program-with-vilaprisan-in-the-treatment-of-symptomatic-uterine-fibroid/">phase 3 trial</a> studying the use of Vilaprisan to treat uterine fibroids. The trial is expected to take three years. </li></ul><h2>What's still missing</h2>Ideally, the approval of medications like Orilissa could spark more investment in the space so that the move from injections to pills isn't the last step.The <a href="https://report.nih.gov/categorical_spending.aspx">National Institutes of Health</a> plans to spend about $7 million a year on endometriosis research in 2018, down from the $10 million it spent in 2015 and 2016. Diabetes, in comparison, will get about $1.1 billion in funding in 2018. Beim, whose company <a href="http://www.businessinsider.com/chances-of-getting-pregnant-celmatix-fertility-questions-2018-6">Celmatix</a> makes a genetic test that screens for risk factors associated with female fertility, said she hopes one day we'll start to see more personalized treatments for the condition, the way we do with targeted cancer treatments. Giudice, who advises both AbbVie and Myovant, said she'd like to see more improvements in the way endometriosis is diagnosed. Currently, the only way to diagnose the condition is through a surgical procedure. "It's hard to believe," she said. Overall, the women Business Insider spoke with emphasized a desire for better education about the condition, both for doctors and for the general public, so that diagnoses aren't so delayed. "I just would love for it not to take seven to 10 years to get a diagnosis," Kinney said. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/bitcoins-value-solving-the-problem-with-fiat-money-2018-7">An early investor in Airbnb and Uber explains why he started buying bitcoin in 2009</a></h3> <div> </div> </div>

A new treatment for a condition that can feel like tiny people skating on razor blades in your stomach and affects an estimated 200 million women just got approved

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">ReutersInstead of turning to surgery, drugmakers are hoping to treat diseases like uterine fibroids and endometriosis with new medications.</div></div></div>A pair of $2 billion markets are gearing up for some new therapies over the next few years. The drugs in development are to treat two major women's health conditions, endometriosis and uterine fibroids, which can cause a lot of pain for women and in some cases lead to infertility and surgical procedures.An estimated 5 million Americans are living with endometriosis, a condition in which tissue from the uterus grows outside the uterus, leading to cysts, heavy bleeding, and scarring. Another 3 million women have uterine fibroids, Myovant Sciences CEO Lynn Seely told Business Insider. That condition involves benign tumors, called fibroids, growing in and around the uterus, <a href="https://medlineplus.gov/uterinefibroids.html">causing heavy bleeding</a> and pain in the women who do have symptoms. "Everybody knows somebody with endometriosis but nobody's talking about it." Seely said.Myovant is among the companies working on new treatments for the two conditions along with other women's health disorders. With the new developments, analysts anticipate both the endometriosis and uterine fibroid markets to hit $2 billion over the next decade.<h2>Potential new treatments in the works</h2>Treating both endometriosis and uterine fibroids involves changing hormone levels in the body. Right now, there are a few drugs that can do this, including leuprolide, a hormone suppressant, and <a href="http://www.mayoclinic.org/diseases-conditions/endometriosis/diagnosis-treatment/drc-20354661">contraceptives</a> <a href="http://www.mayoclinic.org/diseases-conditions/uterine-fibroids/diagnosis-treatment/drc-20354294">are used</a> as well, according to the Mayo Clinic. Some of these treatments come with major<a href="https://medlineplus.gov/druginfo/meds/a685040.html#side-effects"> side effects</a>, including bone density loss and hot flashes.The conditions can also be treated via surgery, but the hope is to come out with new treatments that have fewer side effects and are less invasive. Here's what's in the works to treat uterine fibroids, endometriosis, and in some cases both: <ul><li>Allergan is developing Esmya, a drug that's being investigated for use in uterine fibroids. The drug works by modulating progesterone, a key hormone for women relating to the uterus. It's a type of drug called a "selective progesterone receptor modulator." Bill Meury, Allergan's chief commercial officer told Business Insider he hopes to get results that can put the drug up for approval in 2018. </li><li>Bayer's drug, Vilaprisan, also works by modulating progesterone levels. Like Esmya, it's a "selective progesterone receptor modulator." In July, Bayer began a <a href="http://www.investor.bayer.de/en/nc/news/investor-news/investor-news/bayer-starts-phase-iii-study-program-with-vilaprisan-in-the-treatment-of-symptomatic-uterine-fibroid/">phase 3 trial</a> studying the use of Vilaprisan to treat uterine fibroids. The trial's expected to take three years. </li><li>Myovant's drug, Relugolix, works by suppressing estrogen to low levels, and then reintroducing just enough so that it doesn't lead to bone density loss. That way, it won't be high enough to drive endometriosis and uterine fibroids, Seely said. It's a type of drug called "gonadotropin-releasing hormone receptor agonist." The US trials for Relugolix should wrap up in 2019, but a phase 3 trial conducted in Japan found that the drug wasn't inferior to leuprolide, one of the treatments currently available for uterine fibroids.</li><li>AbbVie, in partnership with Neurocrine Biosciences, is working on Elagolix, a drug that also works by altering hormone levels in women with uterine fibroids and endometriosis to reduce the pain associated with the conditions. Like Relugolix, Elagolix is a gonadotropin-releasing hormone receptor agonist. In September, AbbVie submitted the drug to the FDA for approval in endometriosis. </li></ul><h2>What still needs to be treated</h2>But the treatments, while they'll ideally be able to treat endometriosis and uterine fibroids with fewer side effects than what's currently available, won't be the end of the road. The hope is that this wave of new treatments will spark more, Seely said. "When people see what a difference that we can make in the lives of women, others will follow," she said. But to get there, it'll take more basic research into diseases related to women's health. And there are still areas within women's health that need more attention. Allergan's also working on treatments to help with painful sexual intercourse, while Myovant's also working on a drug to treat infertility that's still in early stages. There are also areas related to mental health and postpardum depression that still need some innovation, Meury said. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/ray-dalio-bridgewater-associates-culture-future-book-principles-life-and-work-2017-9">THE RAY DALIO INTERVIEW: The billionaire investor on Bridgewater's 'radically transparent' culture and how to bet on the future</a></h3> <div> </div> </div>

'Nobody's talking about' 2 medical conditions that affect 8 million women in America - but that could be about to change

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Lisa Lake/GettyRoivant CEO Vivek Ramaswamy</div></div></div><ul><li>Pharmaceutical company Roivant just raised $1.1 billion from an investor group led by SoftBank Vision Fund.</li><li>It's one of the largest funding rounds for a life sciences company, even bigger than the $900 million raised by cancer-testing company Grail in March 2017.</li><li>Roivant's 32-year-old CEO Vivek Ramaswamy told Business Insider that the funding would be used to develop drugs that other companies have ditched, and build Roivant beyond the traditional roles of a pharmaceutical company. </li></ul>A company that develops drugs that other pharmaceutical companies have abandoned just raised $1.1 billion in one of the largest health funding rounds.Roivant on Wednesday announced that it had raised the funds in a round led by SoftBank Vision Fund, and joined by existing investor Dexcel Pharma. It's one of the largest funding rounds for a life sciences company. In March, <a href="http://www.businessinsider.com/grail-raises-more-than-900-million-2017-3">Grail announced it raised $900 million</a> in its pursuit to build a blood test to detect cancer. Roivant, which was founded by CEO Vivek Ramaswamy, is a pharmaceutical company that identifies experimental drugs other companies may have stopped developing for one reason or another that still have potential to get approved and on the market. Ramaswamy turned 32 on August 9, the day the funding was announcing. So far, the company's launched five subsidiaries and taken two public. <a href="http://www.businessinsider.com/axovant-alzheimers-drug-shows-positive-phase-2-results-2015-7">Axovant</a>, a company developing treatments for <a href="http://markets.businessinsider.com/stock/Axovant_Sciences-Quote">Alzheimer's</a> and other neurodegenerative diseases, and <a href="https://www.forbes.com/sites/nathanvardi/2016/10/27/biggest-biotech-ipo-of-2016-is-launched-by-31-year-old/#a48c7272c910">Myovant</a>, a <a href="http://markets.businessinsider.com/stock/Myovant_Sciences-Quote">women's health company</a>, were the biggest biotech initial public offerings of 2015 and 2016 respectively. Ramaswamy told Business Insider that going forward, the plan is to fund other "Vants," the subsidiary companies of Roivant, with private funding, unless there's a case where it makes more sense to go public. Axovant's leading Alzheimer's drug in development is expected to have results from a late-stage phase-three trial in late September. If it's successful, it could be in line to be Roivant's first drug approval, not to mention the <a href="http://www.businessinsider.com/why-starting-alzheimers-disease-treatment-early-could-be-key-2017-2">first success in years for an</a> Alzheimer's drug.Along the way, Roivant's also recruited big names to run its "Vants," including former Medivation CEO David Hung to run Axovant and Jackie Fouse, former president and COO of Celgene, who is CEO of Dermavant, a dermatology company.<h3>A big vision</h3>Ramaswamy said there were three main reason for raising the $1.1 billion:<ul><li>Hee didn't want to limit the number of drugs the company could potentially develop based on funding constraints.</li><li>He wants to beef up existing Roivant capabilities, such as carrying out early research for the companies it launches and providing them with IT and other internal services.</li><li>Investing in areas that typically aren't linked to developing new drugs. For example, on Wednesday, Roivant also unveiled Datavant, a company that'll be more tech-focused to speed up drug development.</li></ul>Ramaswamy told Business Insider that the major funding round has a lot to do with the scale of the company's ambition to go beyond the tradition biotech/pharma model of bringing new drugs to the market. "The ball's in our court," he said. "I believe the pharma company of the future isn't going to be old-school." Instead, he said he envisions it being more integrated with technology and data to help speed along drug development. The hope is that having traditionally tech investors like SoftBank and recruiting employees like computer programmers from companies outside of the pharma industry will help pull that off. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/fidelity-portfolio-manager-tesla-auto-market-growth-2017-8">Fidelity portfolio manager: Test driving a Tesla was an 'iPhone moment'</a></h3> <div> </div> </div>

A 32-year-old biotech CEO just raised $1.1 billion from SoftBank to give old drugs new life

With a net worth of $600 million, Vivek Ramaswamy, a successful biotech entrepreneur, has been ranked 24th on '<keyword id="6373044" type="CITY" weightage="20" keywordseo="Forbes">Forbes</keyword>' Wealthiest Entrepreneurs Under 40' list this year. 
 
He is not the only Indian-origin person to be featured on the list. Joining him is Apoorva Mehta who stands at the 31st spot with a net worth of $360 million. 
 Forbes acknowledged 31-year-old Ramaswamy, a <keyword id="97117" type="ORGANIZATION" weightage="20" keywordseo="Harvard-University">Harvard University</keyword> and Yale School of Management alumnus, as one "making waves in the biotech business with his deals and drug development plans". 
 
Not many know Ramaswamy was behind the biggest biotechnology initial public offering of 2016. "Myovant Sciences raised $218 million, listing its shares on Nasdaq in October," Forbes said. Last year, he pulled off the biggest IPO in the US biotech history by listing shares of Axovant, a company that is trying to develop a new Alzheimer's drug. 
 
He runs Roivant Sciences, a biotech holding company with an innovative financial strategy to develop drugs, often by purchasing drugs that have been forgotten or abandoned by the pharmaceutical industry. 
 Meanwhile, Forbes called Apoorva Mehta as one of <keyword id="6357722" type="COMPANY" weightage="20" keywordseo="silicon-valley">Silicon Valley</keyword>'s youngest immigrant success stories. Mehta and his family moved to Canada in 2000, where he studied engineering at the University of Waterloo before working at Blackberry, Qualcomm, and then Amazon. 
 "In 2012, he cofounded <keyword id="1673867" type="UNKNOWN" weightage="20" keywordseo="Instacart">Instacart</keyword>, a grocery delivery service that partners with grocery chains. Customers can order groceries through a mobile app, and pay fees of typically under $10 to get deliveries in an hour or two from Instacart contractors. The company is valued at an estimated $2 billion, and most recently raised funding from Whole Foods Market in March 2016," Forbes said. 
 The 'Wealthiest Entrepreneurs list' was topped by <keyword id="6354630" type="PERSON" weightage="20" keywordseo="Mark-Zuckerberg">Mark Zuckerberg</keyword>, whose <keyword id="6354576" type="CITY" weightage="20" keywordseo="Facebook">Facebook</keyword> shares and net worth soared to new heights. He is now worth $50 billion, up $2.9 billion from a year ago. 
 Pop star Beyonce and actress-turned-consumer products marketer <keyword id="6396674" type="PERSON" weightage="20" keywordseo="Jessica-Alba">Jessica Alba</keyword> also made it to the list. They are the only women among the top 40 under 40. 
 
To be eligible for the list, individuals had to be under the age of 40 as of December 12. These entrepreneurs also have to reside in the US and substantially have made their own fortunes in this country.

You Searched For "Myovant Sciences" and got 7 results

Myovant leaps 35% on Pfizer partnership for development of prostate-cancer drug

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A biotech led by a 33-year-old CEO just raised hundreds of million at a $7 billion valuation, and it plans to use the money to give old drugs new life

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Pharma veteran Jackie Fouse is leaving a SoftBank-backed biotech founded by a 33-year-old to run a cancer drugmaker

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A new treatment for a condition that can feel like tiny people skating on razor blades in your stomach and affects an estimated 200 million women just got approved

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'Nobody's talking about' 2 medical conditions that affect 8 million women in America - but that could be about to change

Lydia Ramsey

A 32-year-old biotech CEO just raised $1.1 billion from SoftBank to give old drugs new life

Lydia Ramsey

Forbes' Wealthiest Entrepreneurs' List topped by Zuckerberg has two Indian-Americans in it, here's who they are

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