Roivant Sciences shares drop as lupus treatment misses trial goal

Roivant Sciences Ltd. shares (ROIV) fell 3% premarket on Monday after the company said the experimental treatment brepocitinib failed to meet its main goal in a trial involving patients with moderate to severe lupus. Due to the high placebo response rate seen in the trial, "it was not possible to truly assess the impact of the drug, or to establish sufficient differentiation from other therapies in lupus patients," Roivant CEO Matt Gline said in a statement. Roivant will not pursue further development of brepocitinib in systemic lupus erythematosus, the most common type of lupus, Gline sad, but is still enthusiastic about the treatment's potential in an eye condition called non-infectious uveitis and dermatomyositis, an inflammatory disease that causes muscle weakness and skin rash. Roivant shares have gained 14.3% in the year to date, while the S&P 500 is up 18.8%.

-Eleanor Laise

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11-27-23 0853ET

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