Vivek Ramaswamy planning a run for US president — report

13 Feb 2023
endpts.com
AcquisitionPhase 3Executive ChangeIPO
One of biotech’s most noteworthy entrepreneurs is reportedly considering a run for President of the United States. Vivek Ramaswamy has recently spent time in Iowa meeting with locals and testing potential messages in the run-up to a campaign for president, Politico reported Monday. The founder and ex-CEO of Roivant Sciences, Ramaswamy would seek the Republican nomination and challenge former President Donald Trump, as well as other potential GOP candidates such as Florida Gov. Ron DeSantis and former Vice President Mike Pence. Ramaswamy made a name for himself in biopharma through Roivant, promising to upend the traditional industry model by launching a series of umbrella companies colloquially known as “Vants” to focus on specific experimental drugs or disease areas. The results were mixed, with some successes and a handful of high-profile failures. Most notably was Axovant, a biotech focused on turning an old GSK Alzheimer’s drug into a winner despite years of failures in the field. The drug, known as intepirdine, flunked a Phase III study in 2017 — a failure that wiped out nearly $2 billion in market cap. Axovant later rebranded as Sio Gene Therapies in 2020 and its board voted in December to dissolve after other setbacks. But Ramaswamy also helped engineer a $3 billion sale of some of his companies to Sumitomo Dainippon in 2018. After he left Roivant’s CEO post in early 2021, another of his companies, Myovant, was also acquired by Sumitomo Dainippon (now Sumitomo Pharma) for $2.9 billion late last year after winning two FDA approvals and partnering with Pfizer. Lately, Ramaswamy has been a frequent guest on right-wing cable news programs such as “Tucker Carlson Tonight” and become a staunch critic of “ESG investing,” or investing strategies that consider environmental, social and governance factors. Per Politico, he plans to make ESG investing a centerpiece of his campaign. Ramaswamy quote-tweeted the Politico report, saying “Stay tuned…” on Monday morning. Only former President Trump has officially launched his bid for the 2024 Republican nomination. But DeSantis, Pence and several other former Trump administration officials have tested the waters in recent weeks for presidential bids, in addition to a handful of anti-Trump Republicans like New Hampshire Gov. Chris Sununu and former Maryland Gov. Larry Hogan.
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