Vivek Ramaswamy, a Harvard-trained entrepreneur and conservative writer, is running for president and touting his background in biotechnology. He claims to have developed lifesaving medicines, including a therapy for children born with a genetic condition. However, his business career is more complicated. He made over $200 million through savvy financial moves, despite a major failure in the biotech industry.
Ramaswamy founded a company called Roivant Sciences in 2014 and gained support from prominent Democrats and Republicans. He promised to bring critical drugs to the market at affordable prices. One of his most notable acquisitions was an Alzheimer’s drug that had been abandoned by GlaxoSmithKline, which he then took public, raising the company’s value to nearly $3 billion.
Despite his promises, the Alzheimer’s drug ultimately failed in clinical trials, causing the company’s stock to plummet. Ramaswamy sold a portion of his shares to an investor, reaping a major payday. Later, he secured a $1.1 billion investment from SoftBank in his broader drug portfolio.
Throughout his career, Ramaswamy has been praised for his ability to generate hype and attract investment. However, critics argue that he overpromised and underdelivered. Despite setbacks, he remains wealthy and is using his own money to fund his long-shot presidential campaign. He promotes “anti-woke” capitalism and dismisses debates about racial privilege.
Overall, Ramaswamy’s success in the biotech industry was marred by a major failure, but his financial acumen and ability to generate buzz have allowed him to remain influential in the field.
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