Positive NEPTUNE study results for Roivant’s brepocitinib in NIU
Switzerland-based Roivant Sciences (Nasdaq: ROIV) and Priovant Therapeutics today announced positive results from the Phase II study (NEPTUNE) evaluating brepocitinib in non-anterior non-infectious uveitis (NIU), showing the strongest efficacy data in NIU observed to date.
The drug was licensed to Priovant under a deal between Roivant and US pharma giant Pfizer (NYSE: PFE) in 2022. Analysts at Leerink Partners have previously forecast that brepocitinib has a peak sales potential of around $1 billion.
Roivant, whose shares were up 5.5% at $11.00 pre-market, also announced that its board of directors has authorized a share repurchase program for up to $1.5 billion of the company’s common shares, including the repurchase of all 71.3 million shares held by Sumitomo Pharma at a purchase price of $9.10 per share. The aggregate purchase price for the Sumitomo Pharma transaction is about $648.4 million and will reduce Roivant’s shares outstanding as of February 9, 2024 by around 9%.
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