A drug being developed by a Roivant subsidiary for a range of autoimmune conditions succeeded in a mid-stage trial in an eye disease that can ultimately lead to blindness, Roivant said Tuesday.
Roivant, which has been flush with cash since selling a drug candidate to Roche last year for $7.1 billion, also announced Tuesday it was launching a $1.5-billion stock buyback initiative. The repurchase plan includes buying out Sumitomo Pharma’s entire stake in Roivant for $648 million.
The autoimmunedrug, brepocitinib, is being steered by a company called Priovant Therapeutics, which was formed as part of a deal between Roivant and Pfizer in 2021.