Roivant Reports Positive NEPTUNE Study Results; Approves Share Repurchase For Up To $1.5 Bln

(RTTNews) - Roivant (ROIV) and Priovant Therapeutics reported positive results from the Phase 2 study evaluating brepocitinib in non-anterior non-infectious uveitis, showing the strongest efficacy data in NIU observed to date. In NEPTUNE Study, 29% of subjects receiving brepocitinib 45 mg and 44% of subjects receiving brepocitinib 15 mg met the pre-specified primary efficacy endpoint of treatment failure at week 24. All secondary efficacy endpoints were also positive and dose responsive. Priovant plans to initiate a Phase 3 program in NIU in the second half of calendar year 2024.

Roivant's board has authorized a common share repurchase program, allowing for repurchases of Roivant common shares in an aggregate amount of up to $1.5 billion. Pursuant to the program, on April 2, Roivant entered into a share repurchase agreement with Sumitomo Pharma to repurchase all 71,251,083 common shares held by Sumitomo Pharma at a purchase price per share of $9.10, for an aggregate purchase price of approximately $648.4 million. The transaction with Sumitomo Pharma will reduce Roivant's shares outstanding as of February 9, 2024 by approximately 9%.

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