Roivant Sciences and Priovant Therapeutics recently announced that the Phase 2 trial examining the effects of the drug, brepocitinib, on non-anterior non-infectious uveitis (NIU) returned highly encouraging results. In fact, the data derived from the efficacy of the drug is reportedly the most impressive observed thus far in relation to NIU. According to the NEPTUNE study, among the subjects administered brepocitinib (45 mg and 15 mg), approximately 29% and 44%, respectively, successfully reached the predetermined primary efficacy endpoint of treatment failure by the 24th week. Furthermore, the test results for all secondary efficacy endpoints were affirmative and dose-related. Moving forward, Priovant is set to launch a Phase 3 program focused on NIU in the latter half of 2024.
In other news, Roivant Sciences' directors have given the green light for a common share buyback program. The program's terms enable repurchases of Roivant's common shares totalling up to $1.5 billion. In accordance with the program, as of 2nd April, Roivant has entered into a share repurchase agreement with Sumitomo Pharma. As per this agreement, Roivant will buy back all 71,251,083 common shares held by Sumitomo Pharma at a cost of $9.10 per share. This transaction, equivalent to roughly $648.4 million, is expected to decrease Roivant's shares by about 9% as of 9th February, 2024.
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