BioCentury
ARTICLE | Financial News

Roivant to invest $116.4M in Arbutus

October 6, 2017 3:44 PM UTC

Arbutus Biopharma Corp. (NASDAQ:ABUS) said Roivant Sciences GmbH (Basel, Switzerland) agreed to invest up to $116.4 million through the purchase of 1.2 million convertible preferred shares at a $7.13 conversion price, which represents a 15% premium to Arbutus' close of $6.20 on Sept. 29, before the deal was announced.

Arbutus expects to use the funds to develop its preclinical and clinical HBV-focused pipeline. The company expects a $50 million tranche to close shortly, while a subsequent $66.4 million tranche is subject to shareholder approval...