Roivant Sciences and Pfizer Inc. said Thursday that they created a new company focused on developing and commercializing an ulcerative colitis treatment currently in a Phase 2b clinical study. Roivant’s stock was up 7.1% in premarket trading on Thursday, while shares of Pfizer were down 0.5%. The new company, of which Pfizer owns 25%, can also fund development of the drug, RVT-3101, as a treatment for other inflammatory and fibrotic diseases. Pfizer has commercialization rights outside of the U.S. and Japan and is represented on the board. Developing ulcerative colitis treatments has become an area of focus for pharmaceutical companies. Roivant’s stock is down 46.8% for the year, while Pfizer’s stock has declined 15.1%. The S&P 500 is down 14.4% this year.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
0
0