Shares of Roivant Sciences Ltd. ROIV, -1.13% and Pfizer Inc. PFE, -1.73% gained ground premarket on Monday after Roche Holding AG RHHBY, +0.51% agreed to buy immunology company Telavant for $7.1 billion. Roivant owns 75% of Telavant shares, and Pfizer owns the remaining 25%.
The agreement, which includes a $7.1 billion upfront payment and a $150 million near-term milestone payment, also gives Roche an option to collaborate globally with Pfizer on a next-generation antibody that is currently in phase 1 trials, Roche said. Roivant shares gained 8% premarket on Monday, while Pfizer shares gained 1%. Roche’s American depositary receipts were down 0.5% premarket.
Roivant stock soared in late June after the company released data on RVT-3101 in adults with ulcerative colitis, showing the treatment resulted in improved clinical remission of 36% at week 56, versus 29% at week 14.
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