Ramaswamy declined to disclose how much he lost on paper because of the drug’s failure. The stock slid further in the months that followed and never recovered before the company was dissolved this year. The stock price plunged, losing 75 percent of its value in a single day. Ramaswamy’s wider drug portfolio, according to two people with knowledge of the matter.Ī few weeks later, the Alzheimer’s drug’s clinical trial failed. But SoftBank was seeking to invest in Mr. The investment wasn’t about getting in on Axovant SoftBank thought intepirdine was unlikely to succeed, the person said. In August 2017, SoftBank led an investment of $1.1 billion in Roivant. Although he promoted the potential of the doomed Alzheimer’s drug, he now says he was actually selling investors on a business model. Ramaswamy said that criticism that he overpromised was missing the point. He’s a sort of a Music Man,” said Kathleen Sebelius, a Democrat and former health secretary during the Obama administration who advised two of Mr. But it also highlights his particular skills in generating hype, hope and risky speculation in an industry that feeds on all three. Ramaswamy’s resilience was in part a result of the savvy way he structured his web of biotechnology companies. The company says the last 10 late-stage clinical trials of its drugs have all succeeded, an impressive streak in a business where drugs commonly fail. Ramaswamy built has since had a hand in bringing five drugs to market, including treatments for uterine fibroids, prostate cancer and the rare genetic condition he mentioned on the stump in Iowa. He reaped a second five years later when he sold off its most promising pieces to a Japanese conglomerate. He took his first payout in 2015 after stirring investor excitement about his growing pharmaceutical empire. ![]() Ramaswamy, now 37, made a fortune anyway. As a 29-year-old with a bold idea and Ivy League connections, he engineered what was at the time the largest initial public offering in the biotechnology industry’s history - only to see the Alzheimer’s drug at its center fail two years later and the company’s value tank.īut Mr. Ramaswamy’s enterprise is best known for a spectacular failure. Ramaswamy’s business career is more complex, the story of a financier more than a scientist, and a prospector who went bargain hunting, hyped his vision, drew investment and then cashed out in two huge payouts - totaling more than $200 million - before his 35th birthday. “The one I’m most proud of is a therapy for kids, 40 of them a year, born with a genetic condition who, without treatment, die by the age of 3.” Ramaswamy, an entrepreneur and conservative writer, told a gathering at a construction firm this month in Davenport, Iowa. On the campaign trail, as he lays out why he is a different kind of presidential candidate, Vivek Ramaswamy calls himself a Harvard-trained “scientist” from the lifesaving world of biotechnology.
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