Roivant Sciences shares gain after ulcerative colitis treatment shows longer-term results

Shares of Roivant Sciences Ltd.
ROIV,
+4.62%
gained 14% in premarket trading Thursday after the company released new long-duration data from a study of its monoclonal antibody RVT-3101 in adults with ulcerative colitis. The treatment resulted in improved clinical remission of 36% at week 56, versus 29% at week 14, the company said in a release. Ulcerative colitis is an inflammatory bowel disease that can damage the gastrointestinal tract. The study results suggest that the antibody “has the potential to transform the treatment paradigm for IBD–currently marked by low remission rates and poor persistence of effect,” Roivant CEO Matt Gline said in a statement. Roivant late last year teamed up with Pfizer
PFE,
-0.44%
to form a new company to develop and commercialize the RVT-3101 antibody. Pfizer shares were down 0.3% premarket on Thursday.