A SPAC Will Buy Back Its Own SPAC and Pay a Staggering Premium
- Roivant’s blank-check merger would help retake Immunovant
- Parent has non-public knowledge and it’s willing to pay up
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It’s the latest twist in the world of blank-check mergers: A company plans to go public with a SPAC and use it to buy back an affiliate that it took public using another SPAC.
This circular scenario revolves around a drugmaker called Roivant Sciences Ltd., which wants to merge with a special-purpose acquisition company and then take over a SPAC that acquired Immunovant Inc. from Roivant less than two years ago.