Immunovant Stock Plunges On $200M Equity Investment From Roivant To Support IMVT-1401 Development

Immunovant Inc IMVT has received a $200 million strategic investment from Roivant Sciences that the Company will use to advance IMVT-1401 in multiple indications.
Roivant has purchased around 17 million shares of Immunovant's shares at $11.75 per share.
After giving effect to the investment, Immunovant has a pro forma cash balance of approximately $600 million, and Roivant has increased its ownership stake in Immunovant from 57.5% to 63.8%.
IMVT-1401, a fully human anti-FcRn monoclonal antibody, is Immunovant's lead candidate.
"We are excited to announce this significant investment by Roivant, which will expedite our development of IMVT-1401 for a wide range of autoimmune disorders," said Dr. Pete Salzmann, Chief Executive Officer of Immunovant. "Over the next 12 months, we plan to initiate a pivotal trial for myasthenia gravis, resume our trials in WAIHA and TED and initiate at least two additional clinical studies, including another pivotal trial in 2022."
Price Action: IMVT shares are down 24.5% at $7.90 during the premarket session on the last check Monday.