Despite Vivek Ramaswamy’s COVID-19 vaccine skepticism and attacks on Operation Warp Speed and the FDA, he stood to reap a windfall from lawsuits his former companies were pursuing against Moderna, Pfizer, and BioNTech over technology that was used in the COVID-19 vaccines. Although he claimed Operation Warp Speed was “crony capitalism,” Ramaswamy failed to mention that the government’s COVID-19 vaccine initiative may have “deprived” him from “unprecedented fortune.”
Ramaswamy founded Roivant Sciences in 2014 and held formal, controlling, positions until February 2023. As of June 2023, he was the sixth largest shareholder. As of December 2025, Ramaswamy held more than 34 million shares of Roivant Sciences, and his estimated $1.8 billion net worth was mainly attributed to his holdings in Roivant.
Ramaswamy: “Had I Had The Facts That I Do Now […] I Would Not Have Actually Chosen To Get Vaccinated.” According to the Hill, “‘So I am vaccinated against COVID. Had I had the facts that I do now, as a young thankfully healthy male, I would not have actually chosen to get vaccinated,’ Vivek Ramaswamy said. ‘I think that Anthony Fauci betrays science by substituting the scientific method which depends on free speech and open debate and inquiry with authority, which is actually fundamentally anti-scientific at its core.’” [Hill, 9/18/23]
NBC News: “At Almost Every Campaign Stop, Vivek Ramaswamy Says The U.S. Government ‘Lied To Us About What We Knew About Those Vaccines Before They Were Mandated.’” According to NBC News, “At almost every campaign stop, Vivek Ramaswamy says the U.S. government ‘lied to us about what we knew about those vaccines before they were mandated.’ He has also called out Dr. Anthony Fauci, the former National Institute of Allergy and Infectious Diseases director who has become a boogeyman on the right over his decisions as a top medical adviser to the Trump and Biden administrations during the pandemic.” [NBC News, 9/18/23]
2023: Ramaswamy Attacked The FDA Over Its Quick Approval Of COVID-19 Vaccines, Claiming The FDA Was The Agency That Said “You Don't Even Have The Right To Try A Medicine That Hasn't Been Through 10 Years Of Testing,” But Now Said The Vaccine Was “Safe Enough To Be Mandated Upon You On The Basis Of A Lie.” According to Ramaswamy on Real America’s Voice, “POSOBIEC: What about vaccines, vaccine mandates? RAMASWAMY: Dead set against vaccine mandates. And I think that that was one of the major learnings from that last pandemic. And I just want to point out a hypocrisy, Jack, that other people haven't yet pointed out. And I know this because I've interfaced with the FDA, which is a disastrous and corrupt organization. The same laws and agency that say you don't have the right to try, for example, not to, forget a mandate. You don't even have the right to try a medicine that hasn't been through 10 years of testing. That's how dangerous that could be, is the same agency in the same government that says that if there's a vaccine that's pushed through in less than a year, not only is it safe enough for you to try, it's safe enough to be mandated upon you on the basis of a lie. And that's a hypocrisy that I don't think others have pointed out, but I think is the most obvious hypocrisy of the entire policy.” [Vivek Ramaswamy – Real America’s Voice, 7/27/23] (VIDEO)
HEADLINE: “Donald Trump May Have Deprived Vivek Ramaswamy Of A COVID Vaccine Fortune” [Lee Fang, 8/23/23]
While Claiming That Operation Warp Speed Was “Crony Capitalism,” Ramaswamy Failed To Mention That The Initiative May Have “Deprived” Him Of “Unprecedented Fortune” Due To Trump Administration Invoking A WWI Rule That Allowed Moderna To Infringe On Third-Party Patents. According to Lee Fang, “Vivek Ramaswamy, the entrepreneur running for the 2024 GOP presidential nomination, was asked by Iowa-based talk radio host Steve Deace recently about Operation Warp Speed, the public-private partnership to speed up the research and delivery of COVID-19 medications. Ramaswamy disputed the success of the vaccine initiative – created by then-President Donald Trump in 2020 at a cost of over $18 billion – and called it ‘an example of crony capitalism.’ ‘I think we need to divorce the private sector from government,’ Ramaswamy added, ‘because that’s where a lot of cronyism festers.’ Left unmentioned in the interview was the direct role the initiative may have played in depriving Ramaswamy of the unprecedented fortune unleashed by the dominance of American vaccines. In the rush to develop a treatment for COVID-19, the Trump administration invoked a World War I-era law that gave companies like Moderna the right to infringe on third-party patents in order to develop products for the government during a national emergency.” [Lee Fang, 8/23/23]
Ramaswamy On Operation Warp Speed: “I Think It Was An Example Of Crony Capitalism.” According to the Steve Deace Show via YouTube, “DEACE: Do you think Operation Warp Speed was a success? RAMASWAMY: I don’t. I think that it was an example of crony capitalism. I am the chief critic of crony capitalism, which sometimes gets masqueraded in the form of so-called public-private partnerships. I reject that.” [Steve Deace Show – YouTube, 5/10/23] (VIDEO)
2014: Ramaswamy Founded Roivant Sciences. According to the New York Times, “In 2014, Mr. Ramaswamy founded Roivant Sciences — incorporated in the tax haven of Bermuda and backed by nearly $100 million in funding from investors including QVT, a hedge fund that employed Mr. Ramaswamy after college.” [New York Times, 6/27/23]
2021: Ramaswamy Stepped Down As CEO From Roivant. According to the New York Times, “In recent years, Mr. Ramaswamy has stepped back from Roivant, leaving his roles as chief executive in 2021 and chairman in February. He remains the sixth largest shareholder in the company, with a stake currently valued at more than $500 million.” [New York Times, 6/27/23]
February 2023: Ramaswamy Stepped Down As Chairman Of Roivant With A Stake Valued At More Than $500 Million. According to the New York Times, “In recent years, Mr. Ramaswamy has stepped back from Roivant, leaving his roles as chief executive in 2021 and chairman in February. He remains the sixth largest shareholder in the company, with a stake currently valued at more than $500 million.” [New York Times, 6/27/23]
Ramaswamy’s Estimated $1.8 Billion Net Worth Was Mainly Attributed To His Holdings In Roivant Sciences. According to Signal Ohio, “Ramaswamy is worth an estimated $1.8 billion, according to a recent Forbes article. Most of his wealth is due to his holdings in Roivant Sciences, a biotechnology company he founded in 2014 that acquires rights to abandoned drug patents and develops them for market.” [Signal Ohio, 4/8/26]
2026 Financial Disclosure: Ramaswamy Listed Holding Stock In The Company And The Option Of Acquiring More If The Company Hits Certain Milestones. According to Signal Ohio, “Ramaswamy is worth an estimated $1.8 billion, according to a recent Forbes article. Most of his wealth is due to his holdings in Roivant Sciences, a biotechnology company he founded in 2014 that acquires rights to abandoned drug patents and develops them for market. Ramaswamy’s financial disclosure lists holding current stock in the company, and the option of getting more if the company hits certain milestones.” [Signal Ohio, 4/8/26]
December 2025: Ramaswamy Was A Ten Percent Owner Of Roivant Sciences Ltd And Sold 3,103,745 Common Shares Between December 11 And December 15, 2025, Leaving Him With 34,132,463 Shares Of Roivant Sciences. According to Investing.com, “Ramaswamy Vivek, a ten percent owner of Roivant Sciences Ltd (NASDAQ: ROIV), sold 3,103,745 common shares between December 11 and December 15, 2025. The sales were executed at a weighted average price of $21.64 to $22.05, resulting in total proceeds of approximately $67.9 million. These transactions occurred as ROIV shares trade near their 52-week high of $22.56, having surged nearly 98% over the past six months according to InvestingPro data. […] Following these transactions, Ramaswamy Vivek directly owns 34,132,463 shares of Roivant Sciences Ltd.” [Investing.com, 12/15/25]
June 2023: Ramaswamy Remained The Sixth Largest Shareholder Of Roivant. According to the New York Times, “In recent years, Mr. Ramaswamy has stepped back from Roivant, leaving his roles as chief executive in 2021 and chairman in February. He remains the sixth largest shareholder in the company, with a stake currently valued at more than $500 million.” [New York Times, 6/27/23]
By 2017, Ramaswamy’s Roivant Invested In Arbutus. According to Forbes, “Ramaswamy’s unique model is to raise large amounts of money for Roivant, which had previously disclosed a $700 million fundraising, and to use that fund to start still more companies, which in turn do their own fundraisings, either on the public markets or through a second set of private investors. […] Roivant has invested in a series of spinouts, including Arbutus (viral diseases), Axovant (neurology), Myovant (women’s health and endocrine diseases), Dermavant (dermatology), Enzyvant (rare diseases), and Urovant (urology).” [Forbes, 8/9/17]
2018: Arbutus And Roivant Sciences Launched Genevant Sciences. According to Reuters, “The patents are licensed to Genevant Sciences Inc, a company launched in 2018 by Arbutus and Roivant Sciences Ltd (ROIV.O).” [Reuters, 12/1/21]
Genevant Held The License For Lipid Nanoparticle Patents That Enclosed mRNA In The COVID-19 Vaccine. According to Reuters, “Both patents in question involve the so-called lipid nanoparticles that enclose the genetic material, known as messenger RNA (mRNA), in the vaccine. The technology could prove useful in developing future mRNA-based vaccines against other illnesses as well. Moderna initially challenged the patents before the U.S. Patent Trial and Appeal Board, part of the federal patent office. The board agreed with Moderna that some portions of one of the patents were invalid but otherwise sided with Arbutus, and the Federal Circuit upheld its findings. The patents are licensed to Genevant Sciences Inc, a company launched in 2018 by Arbutus and Roivant Sciences Ltd (ROIV.O).” [Reuters, 12/1/21]
LNP Technology Was Used To Deliver RNA To Target Cells Without The Body’s Immune System Attacking. According to Reuters, “Warminster Township, Pennsylvania-based Arbutus said in the lawsuit that Cambridge, Massachusetts-based Moderna began challenging its patents at the PTO after failing to acquire a license to its LNP technology. The technology is used to deliver RNA to target cells without being attacked by the body's immune system.” [Reuters, 4/11/23]
Moderna Had Initially Challenged The Patents Held By Genevant At The Federal Patent Office’s U.S. Patent Trial And Appeal Board. According to Reuters, “Moderna initially challenged the patents before the U.S. Patent Trial and Appeal Board, part of the federal patent office. The board agreed with Moderna that some portions of one of the patents were invalid but otherwise sided with Arbutus, and the Federal Circuit upheld its findings. The patents are licensed to Genevant Sciences Inc, a company launched in 2018 by Arbutus and Roivant Sciences Ltd (ROIV.O). Roivant owns about 80% of Genevant and Arbutus owns the remainder.” [Reuters, 12/1/21]
The U.S. Patent Trial And Appeal Board Agreed That Portions Of The Genevant’s Patents Were Invalid, But Sided With Arbutus. According to Reuters, “Moderna initially challenged the patents before the U.S. Patent Trial and Appeal Board, part of the federal patent office. The board agreed with Moderna that some portions of one of the patents were invalid but otherwise sided with Arbutus, and the Federal Circuit upheld its findings. The patents are licensed to Genevant Sciences Inc, a company launched in 2018 by Arbutus and Roivant Sciences Ltd (ROIV.O). Roivant owns about 80% of Genevant and Arbutus owns the remainder.” [Reuters, 12/1/21]
December 2021: A Federal Appeals Court Rejected Moderna’s Challenge To Arbutus’ Patents. According to Reuters, “Shares of Arbutus rose 11% in early trading, while Moderna fell 2.5% on the lawsuit that comes after a federal appeals court in December rejected Moderna's challenge to Arbutus' patents.” [Reuters, 2/28/22]
April 2023: A U.S. Appeals Court Affirmed A Decision In Favor Of Moderna To Cancel An Arbutus Patent Related To Arbutus’ Lipid Nanoparticle Technology. According to Reuters, “A U.S. appeals court handed Moderna Inc (MRNA.O) a win on Tuesday, affirming a decision to cancel an Arbutus Biopharma Corp (ABUS.O) patent related to the companies' legal fight over Moderna's blockbuster COVID-19 vaccines. The U.S. Court of Appeals for the Federal Circuit upheld a U.S. Patent and Trademark Office tribunal's ruling that the patent for Arbutus' lipid nanoparticle (LNP) technology was invalid based on an earlier Arbutus patent that disclosed the same invention.” [Reuters, 4/11/23]
The Decision Did Not Affect The Lawsuit By Arbutus And Genevant Against Moderna. According to Reuters, “The Federal Circuit's decision does not affect an ongoing lawsuit filed by Arbutus and Genevant Sciences — a joint venture between Arbutus and Roivant Sciences Ltd (ROIV.O) — against Moderna last year in Delaware for allegedly infringing other related LNP patents.” [Reuters, 4/11/23]
February 2022: Arbutus Biopharma Corp Announced A Suit Against Moderna For Damages For Infringing On Its Patents Related To Moderna’s COVID-19 Vaccine. According to Reuters, “Arbutus Biopharma Corp (ABUS.O) said on Monday it had filed a lawsuit against Moderna Inc (MRNA.O) seeking damages for infringement of U.S. patents related to Moderna's COVID-19 vaccine.” [Reuters, 2/28/22]
Arbutus Said It Had Developed The Lipid Nanoparticles (LNP) Whose Patents Were Licensed To Genevant. According to Reuters, “Arbutus said it developed the so-called lipid nanoparticles (LNP) that enclose genetic materials known as messenger RNA or mRNA, the patents related to which were licensed to Genevant Sciences, a joint venture between Arbutus and Roivant Sciences Ltd (ROIV.O).” [Reuters, 2/28/22]
The U.S. Department Of Justice (DOJ) Intervened In The Case Arbutus Brought Against Moderna. According to Reuters, “The U.S. government should face a patent lawsuit over COVID-19 vaccines, not vaccine maker Moderna Inc (MRNA.O), the Department of Justice told a Delaware federal court on Tuesday. The Justice Department's court filing said the United States should be liable for any infringement of Arbutus Biopharma Corp (ABUS.O) and Genevant Sciences GmbH's patents that took place under Moderna's contract to provide shots for the government's nationwide vaccination effort.” [Reuters, 2/15/23]
The DOJ Argued The Government Should Face Arbutus’ Claims Against Moderna. According to Reuters, “The U.S. government should face a patent lawsuit over COVID-19 vaccines, not vaccine maker Moderna Inc (MRNA.O), the Department of Justice told a Delaware federal court on Tuesday. The Justice Department's court filing said the United States should be liable for any infringement of Arbutus Biopharma Corp (ABUS.O) and Genevant Sciences GmbH's patents that took place under Moderna's contract to provide shots for the government's nationwide vaccination effort.” [Reuters, 2/15/23]
The DOJ Argued That Moderna Should Not Be Liable Based On Its Contract With The Government As Part Of Operation Warp Speed. According to Reuters, “The Department of Justice responded Tuesday that Moderna should not be liable based on its contract to provide the vaccines to the government as part of Operation Warp Speed. It said the government's liability is limited to Moderna's alleged infringing activity that took place under its U.S. contract.” [Reuters, 2/15/23]
Moderna Failed To Have The Case Dismissed With Its Argument That The Government Was The Proper Target Of Arbutus And Genevant’s Suit. According to Reuters, “Despite the backing of the U.S. government, Moderna Inc (MRNA.O) on Friday failed to persuade a federal judge it should not have to face a patent lawsuit over its COVID-19 vaccine and that the United States should have been sued instead. U.S. District Judge Mitchell Goldberg ruled for the second time that Moderna had not yet shown that the government was the proper target of a lawsuit by Arbutus Biopharma Corp (ABUS.O) and Genevant Sciences GmbH.” [Reuters, 3/10/23]
March 2026: Moderna Settled The Infringement Damages And Agreed To Pay $950 Million By July 2026 And Agreed To A Provision For $1.3 Billion In Damages Depending On Moderna’s Appeal Over Its Allegations That The Federal Government Was Responsible For The Monies Under Patent Rules. According to JD Supra, “In their complaint (Arbutus Biopharma Corp. & Genevant Biosciences GmbH v. Moderna, U.S. District Court for the District of Delaware, No. 1:22-cv-00252), Plaintiffs Arbutus and Genevant alleged that Moderna infringed claims of U.S. Patent Nos. 8,058,069, 8,492,359, 8,822,668, 9,364,435, 9,504,651, and 11,141,378. Arbutus/Genevant asserted these patents were infringed by Moderna for incorporating into its Spikemax® COVID vaccine lipid nanoparticles (LNP) comprising an ionizable cationic lipid (designated SM-102) […] In press releases from the parties, it was announced that Moderna had settled, and that the settlement terms included an immediate $950 million payment (to be paid in July, 2026) that settled all infringement damages; and a provision for a further $1.3 billion in damages depending on the outcome of Moderna’s appeal regarding its allegations that the Federal government was responsible for these monies under the provisions of 28 U.S.C. § 1498(a).” [JD Supra, 3/11/26]
April 4, 2023: Arbutus Biopharma Sued Pfizer And BioNTech In New Jersey District Court. According to Reuters, “Arbutus Biopharma (ABUS.O) on Tuesday sued U.S. drugmaker Pfizer Inc (PFE.N) and its German partner BioNTech SE in a New Jersey district court, claiming their mRNA COVID-19 vaccines infringe five of Arbutus' patents. Arbutus, along with its licensee Genevant Sciences, is seeking damages, including reasonable royalties, over the use of lipid nanoparticle (LNP) delivery technology in Pfizer/BioNTech vaccines to carry and transfer genetic material into the body.” [Reuters, 4/4/23]
Arbutus Claimed Pfizer And BioNTech’s COVID-19 Vaccines Infringed On Five Of Arbutus’ Lipid Nanoparticle (LNP) Technology Patents. According to Reuters, “Arbutus Biopharma (ABUS.O) on Tuesday sued U.S. drugmaker Pfizer Inc (PFE.N) and its German partner BioNTech SE in a New Jersey district court, claiming their mRNA COVID-19 vaccines infringe five of Arbutus' patents. Arbutus, along with its licensee Genevant Sciences, is seeking damages, including reasonable royalties, over the use of lipid nanoparticle (LNP) delivery technology in Pfizer/BioNTech vaccines to carry and transfer genetic material into the body.” [Reuters, 4/4/23]
As Of March 2026, The Arbutus And Genevant Lawsuit Against Pfizer/BioNTech Over LNP Technology In Their COVID Vaccine Was Still Ongoing. According to JD Supra, “These plaintiffs filed a similar lawsuit against Pfizer/BioNTech over the LNP technology in their vaccine in 2023. That lawsuit is still ongoing.” [JD Supra, 3/11/26]