RROIVRoivant Sciences Ltd.

Roivant buys shelved drugs from large companies and takes them to approval through separate subsidiaries.

A large pharmaceutical company often shelves a promising molecule not because it is bad but because the market is small by its standards. Roivant buys such programmes cheaply and builds a separate company around each, with its own team motivated by that one drug's outcome.

The model has been proved by sales: one subsidiary holding a drug for inflammatory bowel disease was sold to a large pharmaceutical company for a sum that changed the whole group's position. Hence a large cash balance and funding for the remaining programmes without issuing shares. Risks: trial outcomes and the certainty that some programmes will not reach the market. The company pays no dividend.