Billionaire biotech businessman Vivek Ramaswamy is leaning on his busy campaign schedule in an attempt to avoid deposition in a bitter corporate takeover.
Investment management firm Alpine Partners proposed subpoenaing Ramaswamy in June to testify in a federal lawsuit raising concerns that he and other investors may have been defrauded in 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 specializing in women’s health medicines, by Sumitovant Biopharma, a holding company formed in 2019 from the merger of Roivant and Sumitomo Dainippon Pharma, based in Japan. .
Myovant shareholders launched court proceedings in Bermuda and demanded that Ramaswamy explain how he arrived at the valuation of Myovant shares.
Vivek Ramaswamy was seen as a breakout star of the first Republican debate last week. REUTERS
“As a candidate for President of the United States, I must travel frequently throughout the United States to campaign, give speeches, give media interviews and meet with voters,” Ramaswamy responded in a July 27 appearance at the Southern District of Ohio, first reported by DailyMail.com.
“The subpoena request and resulting discovery would therefore constitute an undue burden and materially affect my ability to run for higher office,” he added.
The 38-year-old resigned from the board of directors of Roivant Sciences and Sumitovant Biopharma to present his presidential candidacy.
Alpine previously owned approximately a 6.6% stake in Myovant, and the firm’s lawyers are also requesting documents they believe may support their case.
Dealers reached the right to acquire Myovant in October 2022 and closed the deal in March.Myovant Sciences
“This problem is exacerbated by the fact that I do not believe I have any material knowledge of the transaction that is the basis of the underlying appraisal procedure,” Ramaswamy added in his July filing.
His legal team also dismissed the subpoena request as an attempt to “harass” him.
The near-billionaire made most of his fortune in the biotech space.ZUMAPRESS.com
But lawyers for his former investors counter that he “voted to approve the merger agreement and likely would have participated in discussions related to the merger negotiation, including the price of the merger.”
The matter is still 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 GOP primary debate last week, currently sits third in the 2024 GOP polls, according to the latest RealClearPolitics average.
The 38-year-old maintains that he was unaware of many of the details of the acquisition agreement.ZUMAPRESS.com
Forbes estimates that the net worth of Ramaswamy, a political outsider, exceeds $950 million.
The Ohio native is far from the only 2024 hopeful caught up in legal drama. Republican Party frontrunner Donald Trump faces 91 criminal charges spanning four counts and has denied wrongdoing in all cases.
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Source: vtt.edu.vn