Roivant Sciences shares gain after ulcerative colitis treatment shows longer-term results

Shares of Roivant Sciences Ltd. (ROIV) gained 14% in premarket trading Thursday after the company released new long-duration data from a study of its monoclonal antibody RVT-3101 in adults with ulcerative colitis. The treatment resulted in improved clinical remission of 36% at week 56, versus 29% at week 14, the company said in a release. Ulcerative colitis is an inflammatory bowel disease that can damage the gastrointestinal tract. The study results suggest that the antibody "has the potential to transform the treatment paradigm for IBD--currently marked by low remission rates and poor persistence of effect," Roivant CEO Matt Gline said in a statement. Roivant late last year teamed up with Pfizer (PFE) to form a new company to develop and commercialize the RVT-3101 antibody. Pfizer shares were down 0.3% premarket on Thursday.

-Eleanor Laise

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

06-22-23 0809ET

Copyright (c) 2023 Dow Jones & Company, Inc.