Failed Alzheimer’s Drug and a $3 Billion Collapse: Ramaswamy’s Biotech Past Returns
COLUMBUS, Ohio — As Vivek Ramaswamy campaigns as a leading Republican contender in Ohio’s 2026 gubernatorial race, renewed attention is focusing on his earlier career in biotechnology, particularly the rise and collapse of Axovant Sciences, a company once valued near $3 billion.
Ramaswamy founded Roivant Sciences in 2014. That same year, Roivant acquired rights from GlaxoSmithKline to an experimental Alzheimer’s drug called intepirdine for $5 million. The drug, previously known as RVT-101, had failed multiple clinical trials under its former owner, but Roivant cited re-analysis of earlier data as justification to continue development.
In 2015, Roivant spun off Axovant Sciences, which went public through an initial public offering. Despite having no approved drugs, Axovant’s valuation quickly climbed, fueled by investor optimism around intepirdine and broader enthusiasm in Alzheimer’s research. Ramaswamy became a prominent media figure during this period, making appearances on financial television and being featured in national business publications.
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The story changed in late 2017, when intepirdine failed a Phase 3 clinical trial. Axovant’s stock price dropped by roughly 75% in a single day, erasing billions in market value. The failed trial effectively ended the company’s effort to develop the drug.
Critics have argued that Axovant’s public rollout overstated the drug’s promise and left ordinary investors exposed to steep losses. Some have characterized the episode as emblematic of excessive hype in the biotech industry, though no regulatory or criminal charges were ever filed. Ramaswamy has consistently rejected allegations of wrongdoing, saying the episode reflects the high-risk nature of drug development, where the vast majority of Alzheimer’s treatments never succeed.
The issue has resurfaced as Ramaswamy’s political profile has grown. A viral clip featuring journalist Mehdi Hasan pressing Ramaswamy on Axovant during a televised interview is circulating again on social media, drawing fresh scrutiny as the Ohio race tightens.
Ramaswamy is expected to face Democrat Amy Acton, Ohio’s former health director, in what early polling suggests could be a competitive general election. Supporters argue Ramaswamy’s entrepreneurial background positions him to grow Ohio’s economy, while critics question whether his business record aligns with the trust required for public office.
As the campaign continues, debates over innovation, risk, and accountability are likely to remain central themes.
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