Immunovant jumps afrer majority holder Roivant says evaluating buyout

Roivant Sciences, which owns 57.5% of Immunovant's outstanding shares, intends to propose to the company a potential transaction pursuant to which Roivant or an affiliate would acquire all of the issued and outstanding shares not currently owned by Roivant. Roivant expects that any potential transaction would be at a per share price representing a premium to current trading levels, "consistent with similar precedent transactions in the life sciences industry involving acquisitions of minority interests by majority shareholders," with the mix of cash or equity consideration to be mutually determined by Roivant and the company. Roivant is evaluating a potential public listing that would take effect prior to the consummation of any transaction. As Immunovant's controlling shareholder, Roivant disclosed that it has received nonpublic information about the company and its lead product candidate. Roivant has engaged Goldman Sachs, J.P. Morgan and SVB Leerink to serve as its financial advisors in connection with the evaluation of a potential transaction. Shares of Immunovant are up 39%, or $5.29, to $18.80 in premarket trading.