Shares of Roivant Sciences Ltd. shot up 10.0% in premarket trading Tuesday, after the biopharmaceutical company and drug giant Pfizer Inc. unveiled Priovant Therapeutics, a biotechnology company focused on developing novel therapies for autoimmune diseases with the greatest morbidity and mortality. The companies said Priovant was formed through a deal between Roivant and Pfizer in September 2021, in which Pfizer licensed oral and topical brepocitinib, a potential autoimmune disease treatment, for global development rights and U.S. and Japan commercial rights to Priovant. Pfizer holds a 25% equity stake in Priovant. Separately, Roivant reported a fiscal fourth-quarter net loss that narrowed to $270.1 million, or 39 cents a share, from $509.6 million, or 80 cents a share, and revenue that fell 39.1% to $9.22 million. The company said it had cash and cash equivalents of $2.1 billion as of March 31. Roivant’s stock has tumbled 53.6% year to date through Monday, while Pfizer shares have lost 12.1% and the S&P 500 has declined 18.2%.
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