Multimillionaire biotech entrepreneur Vivek Ramaswamy is leaning on his busy campaign schedule in an effort to avoid sitting for a deposition in a bitter corporate buyout case.
Investment management firm Alpine Partners proposed subpoenaing Ramaswamy in June for testimony in a federal lawsuit that raised concerns he and other investors may have defaulted on a deal finalized last March.
The deal in question is the $1.7 billion acquisition of Myovant Sciences Ltd., a subsidiary of Ramaswamy’s Roivant Sciences that specializes in medicines for women’s health, by Sumitovant Biopharma — a holding company formed in 2019 through the merger of Roivant and Japan-based Sumitomo Dainippon Pharma.
Shareholders in Myovant started court proceedings in Bermuda and demanded that Ramaswamy explain how he arrived at the valuation of Myovant shares.
Vivek Ramaswamy was seen as the breakout star in the first Republican debate last week.REUTERS
“As a candidate for President of the United States, I must frequently travel across the United States to campaign, make speeches, give media interviews and meet with voters,” Ramaswamy responded in a July 27 filing in the Southern District of Ohio, first reported by DailyMail.com.
“The subpoena request and the resulting discovery would be an undue burden and would affect my ability to run for higher office,” he added.
The 38-year-old resigned from the boards of both Roivant Sciences and Sumitvant Biopharma to launch his presidential bid.
Alpine formerly held about a 6.6% stake in Myovant, and the firm’s lawyers also requested documents they believed could support their case.
Consultants achieved the right to acquire Myovant in October 2022 and finalized the deal in March.Myovant Sciences
“This problem is exacerbated by the fact that I do not believe I have material knowledge of the transactions on which the underlying valuation proceedings are based,” Ramaswamy added in his July filing.
His legal team also tore up the subpoena bid in an effort to “disrupt him.”
The near-billionaire made most of his fortune in the biotechnology space.ZUMAPRESS.com
But lawyers for his former investors responded that he “voted to approve the merger agreement and will likely be involved in discussions related to the merger negotiations, including the merger price.”
The matter remains pending, and Ramaswamy’s campaign did not immediately respond to a request for comment.
Ramaswamy, who caused a stir with his performance in the first Republican primary debate last week, is currently polling in third place in the 2024 GOP field, according to the latest RealClearPolitics average.
The 38-year-old insisted that he was unaware of many key points in the takeover deal.ZUMAPRESS.com
A political outsider, Ramaswamy’s net worth is pegged at over $950 million by Forbes.
The Ohio native is far from the only 2024 hopeful embroiled in legal drama. GOP front-runner Donald Trump faces 91 criminal charges spanning four indictments, and has denied wrongdoing in each case.
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Source: thtrangdai.edu.vn/en/
