Roivant CEO Matt Gline and Telavant CEO Frank Torti know Roivant’s position as buyers and sellers in the pharma industry, and they’re embracing those opportunities. When Roivant CEO Matt Gline held a meeting with pharma giant Roche at the J.P. Morgan Healthcare Conference at the beginning of the year, he expected a brief one-on-one conversation with a member of the Swiss pharma’s team.
In this week's podcast edition of Five Must-Know Things: did Pfizer miss out on Roivant/Roche deal?; Padcev/Keytruda combo impresses in bladder cancer at ESMO; biggest upfront ever in Daiichi/Merck deal; Rybrevant at ESMO; and subcu Leqembi could open up access.
How do cancer drugs work? What makes biotech stocks go up? And why are venture capitalists so optimistic? We cover all that and more this week on “The Readout LOUD,” STAT’s biotech podcast. Our colleague Andrew Joseph joins us to explain the decades-old cancer-treating technology that had its star turn at this week’s big oncology conference in Europe.
With yesterday’s deal, Roivant Sciences turned about $50 million into $5 billion in less than a year, a dramatic feat of short-term value creation with no precedent in recent biotech memory. Then, as a reward, the company’s share price fell more than 10%.
Now that Roivant has ended months of rumors by signing a deal to sell its anti-TL1A inhibitor to Roche for $7.1 billion upfront, everyone wants to know how the company plans to spend that money. In an investor call Monday morning, analysts asked several questions about Roivant’s next steps. CEO Matt Gline stressed he and his team will “be patient” when it comes to finding the right opportunity. He didn’t go into specifics about when the money will be spent (or on what) and said it’s too early to decide what to do with the cash.
Roivant Chief Executive Matt Gline says the TL1A drug class looks promising for patients with these stomach diseases that don't respond to popular anti-inflammatory treatments from AbbVie (ABBV) and Johnson & Johnson (JNJ). These drugs cut off inflammation earlier in the process. But that's using "a big hammer for a sharp nail," he told Investor's Business Daily in April. "The problem is because you're going after the top of that cascade, you wind up disrupting inflammation in a pretty wide variety of contexts, not necessarily just in the context you care about," he said. "So, these drugs have side effects."
Roche said Monday it was buying Telavant Holdings for $7.1 billion upfront, picking up a promising experimental therapy for inflammatory bowel diseases.Telavant is owned by Roivant Sciences, with Pfizer holding a minority stake. The deal will allow Roche to develop the therapy, called RVT-3101, and, pending approval, sell it in the United States and Japan. Pfizer holds the commercial rights in other parts of the world.
Roivant Sciences’ Matt Gline might be this year’s best biopharma CEO, and other thoughts about Monday’s blockbuster deal with Roche — like, why the heck did Roivant’s stock trade down? line created $5 billion from $50 million — in less than one year. Regular readers know that every December, I choose a best biopharma CEO. It’s a subjective award, but deal-making acumen, management skills, and delivering shareholder value are important measuring sticks. It’s still too early to call this year’s contest, but Gline is a front-runner.
Roivant Sciences shares rose 16% after the company announced that Roche will acquire Telavant Holdings for $7.1B upfront and a near-term milestone payment of $150M. The deal includes development, manufacturing, and commercialization rights for RVT-3101, a new therapy for inflammatory bowel diseases like ulcerative colitis and Crohn's disease. Telavant was formed by Roivant (75% stake) and Pfizer (25% stake) to develop and commercialize RVT-3101 in the US and Japan.
Pfizer gave US rights to an asset to Roivant, which turned around and sold it to Roche for $7.1bn 10 months later. Pfizer says it’s content with the 25% stake it will receive. Roivant CEO Matt Gline also talked to Scrip about the sudden turnaround.
Thanks to positive data from two promising drugs, the company’s shares have more than tripled over the past 12 months, recovering from an abysmal performance for much of 2022. The SPDR S&P Biotech ETF XBI -1.69% decrease; red down pointing triangle, meanwhile, is down 11% over that period. Last week, Roivant stock shot up after another vant in which it holds a majority stake, Immunovant, released results from an early study showing that its drug reduced the levels of a key immune marker in the blood while avoiding some key safety issues that had dogged the company in the past. Earlier this year, a drug being developed by another Roivant unit with Pfizer showed great promise in treating inflammatory bowel disease.
Immunovant, Inc. saw unusually-strong trading volume on Thursday after Guggenheim raised their price target on the stock from $32.00 to $48.00. Approximately 1,220,811 shares traded hands during trading, a decline of 6% from the previous session’s volume of 1,303,665 shares.The stock last traded at $40.71 and had previously closed at $39.51.
Thanks to promising candidates such as efgartigimod, the Fc receptor (FcRn) inhibitor market is poised to reshape the autoimmune disease treatment landscape. Sales projections for the market top $10 billion, as Driehaus Capital Management estimated in 2020.
Immunovant, Inc., a clinical-stage immunology company dedicated to enabling normal lives for people with autoimmune diseases, today announced the pricing of an underwritten public offering and concurrent private placement, with anticipated gross proceeds to Immunovant of approximately $450 million, before deducting underwriting discounts and commissions and other expenses payable by Immunovant in connection with the transactions.
Immunovant Inc. is seeking a $450 million windfall on the back of the “best-in-class potential” of its early stage monoclonal antibody for IgG-mediated autoimmune diseases, IMVT-1402, which a phase I readout demonstrated could supersede the firm’s lead, batoclimab.
After-hours trades for Roivant Sciences Ltd (ROIV) shows that investor sentiment remained broken, with the stock’s consolidated last price falling by -$0.18, or -1.36%, to $13.01. The Roivant Sciences Ltd has recorded 1,282,622 volume in the after hours trading session.
Immunovant goes for $450M: Immunovant’s early-stage autoimmune data will lead to a $450 million haul for the New York biotech, about $150 million more than initially announced on Tuesday. Immunovant said Wednesday it plans to sell 7.37 million shares $IMVT at $38 apiece in a public offering and sell another 4.47 million to its parent, Roivant Sciences. The early clinical data for Immunovant’s anti-FcRn IMVT-1402 sent the company’s shares soaring on Tuesday and also boosted Roivant’s stock price.
Raymond James upgraded Immunovant (NASDAQ:IMVT) to Outperform from Market Perform with a price target of $40.00 following the release of both Single Ascending Dose (SAD) and preliminary Multiple Ascending Dose (MAD) data for its next-generation anti-FcRn therapeutic, IMVT-1402. As a result, shares jumped more than 97% yesterday.
Immunovant’s next-generation anti-FcRn therapeutic IMVT-1402 posted a clean safety profile in a Phase 1 study, but a surprise disclosure in Tuesday’s topline reveal also served to differentiate it relative to the Roivant subsidiary’s first-gen asset.
Immunovant's first-generation drug — still in testing — caused increases in albumin and LDL cholesterol. Promisingly, Immunovant said Tuesday its second-generation approach didn't lead to the same increases
Roivant Sciences Ltd. shares rallied 21.6% in the last trading session to close at $12.41. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 9.6% loss over the past four weeks.
Shares of Immunovant, an autoimmune specialist and subsidiary of Roivant Sciences, are showing no signs of cooling off after nearly doubling in value on Tuesday. Specifically, the drugmaker's shares were up by another 5.3% on sky-high volume as of 11:27 a.m. ET Wednesday morning. Roivant Sciences stock is also up for a second straight day, with the drugmaker's shares rising by as much as 6.6% in early-morning trading.
Immunovant stock surged again Wednesday after the drugmaker announced a $300 million offering on the heels of promising test results for an autoimmune disease treatment. The company plans to offer a total $300 million in common stock through a public offering and a private placement. That includes $130 million in common stock. Immunovant will also give the underwriters a 30-day option to buy up to $19.5 million in shares.
Roivant Sciences shares finished more than 20% higher on Tuesday after Immunovant, in which Roivant holds a 56.5% stake, released positive data from an early-stage study of its key asset IMVT-1402, a FcRn inhibitor being developed to treat a range of autoimmune diseases.
Immunovant’s $130 million offering: Immunovant’s early-stage autoimmune data, viewed by analysts as a potential catalyst for a sale or other transaction, spurred a major financing haul for the New York biotech. It presented data on its anti-FcRn IMVT-1402 Tuesday morning. Later that day, it disclosed plans for a $130 million public offering and a $170 million boost from its parent, Roivant Sciences.
Roivant Sciences’ Immunovant has unveiled biomarker results for its autoimmune disease antibody drug from a Phase I healthy subject trial. Immunovant’s stock price $IMVT soared by 62% to $34 pre-market in response to the data release, while Roivant $ROIV — which owns a controlling share of Immunovant — went up by 15% to $11.60.
Immunovant, Inc. jumped ~34% in the pre-market Tuesday after announcing data from a Phase 1 trial for its second product candidate, IMVT-1402, targeted at IgG-mediated autoimmune diseases. Its parent, Roivant Sciences, added ~10% in reaction.
Immunovant Inc IMVT, a unit of Roivant Sciences Ltd ROIV, announced that subcutaneously administered doses of IMVT-1402 produced dose-dependent reductions in Immunoglobulin G (IgG) in initial data from a Phase 1 trial in healthy adults, with no dose-related changes in serum albumin or LDL-C.
Roivant Sciences’ Immunovant has unveiled biomarker results for its autoimmune disease antibody drug from a Phase I healthy subject trial. The subcutaneous drug, dubbed IMVT-1402, targets the neonatal fragment crystallizable receptor (FcRn) for immunoglobulin G (IgG)-mediated autoimmune diseases.
Roivant’s shares experienced a surge in trading activity following the company’s exciting announcement regarding the positive initial results of their IMVT-1402 Phase 1 SAD and 300 mg subcutaneous MAD trials. IMVT-1402 is Roivant’s second product candidate aimed at targeting autoimmune diseases by inhibiting the neonatal Fc receptor (FcRn).
Shares of Immunovant surged over 60% in premarket trading on Tuesday, after the drug developer said its antibody treatment succeeded in an early-stage trial. Immunovant's experimental drug reduced the levels of IgG, or immunoglobulin antibodies, that cause inflammation and disease.The company is developing its antibody drug, IMVT-1402, as an under-the-skin injection to potentially treat autoimmune diseases.
Shares of Immunovant soared 60% in premarket trading on Tuesday morning. The immunology specialist reported results from an early clinical trial that included encouraging data about a key treatment's potential for helping to treat a wide variety of autoimmune diseases.
“This is the best possible scenario for this data, and it leaves a wide range of possible paths forward for this drug,” Roivant CEO Matthew Gline told STAT ahead of Tuesday’s announcement. “We think it really has the possibility to reach many, many patients in many, many different diseases.”
Shares in New York-based biotechnology company Immunovant and its main shareholder Roivant Sciences jumped higher Tuesday after Immunovant disclosed early clinical results for a closely watched autoimmune disease drug.
Roivant Sciences (ROIV) has received a new Buy rating, initiated by Goldman Sachs analyst, Corinne Jenkins. Corinne Jenkins has given Roivant Sciences a Buy rating due to several key factors. Firstly, the recent positive Ph1 single ascending dose (SAD) and initial multiple ascending dose (MAD) data of IMVT’s IMVT-1402, a significant asset in which ROIV holds a 57% stake, had a minimal impact on albumin/LDL cholesterol.
- IMVT-1402 subcutaneous (SC) doses achieved peak Immunoglobulin G (IgG) reductions that are similar to those previously observed with batoclimab
- No decrease in serum albumin below baseline or increase in low-density lipoprotein cholesterol (LDL-C) above baseline was observed after 4 weeks of dosing in the 300 mg multiple-ascending dose (MAD) SC cohort
- IMVT-1402 is being developed as a simple SC injection
NEW YORK, Sept. 26, 2023 (GLOBE NEWSWIRE) -- Immunovant, Inc. (Nasdaq: IMVT), a clinical-stage immunology company dedicated to enabling normal lives for people with autoimmune diseases, today announced that subcutaneously administered doses of IMVT-1402 produced dose-dependent reductions in IgG in initial data from a Phase 1 clinical trial in healthy adults, with no dose-related changes in serum albumin or LDL-C, bolstering IMVT-1402 as a potential best-in-class neonatal fragment crystallizable receptor (FcRn) inhibitor.
Roivant CEO Matt Gline learned just days into his new gig in 2021 that immunology offshoot Immunovant had a cholesterol problem with its lead asset. Now, the concern that sent him immediately spiraling into "crisis management mode" has come full circle, as a next-gen candidate nailed key biomarker figures in a phase 1 trial.
Roivant Sciences has released its financial results for the first quarter, falling short of analyst expectations.The company reported earnings per share (EPS) of ($0.38), which is $0.10 worse than what analysts had predicted at ($0.28). Revenue for the quarter reached $21.62 million, lower than the consensus estimate of $24.77M.
Roivant Sciences shares traded modestly higher after the inflammation and immunology-focused biopharmaceutical company reported fiscal first-quarter financial results that fell short of expectations for both earnings and sales.
In its quarterly earnings report released Monday morning, Roivant Sciences said that sales rose from $4.3 million in the same quarter in 2022 to $21.6 million. The sum, however, fell short of analyst expectations of $24.5 million.
Roivant Sciences, a leading biotech stock founded by presidential
candidate Vivek Ramaswamy, announced significant losses and
lower-than-anticipated sales during the second quarter. This news is expected to cause a decline in ROIV stock.
Roivant Sciences has more potential asset deals in the works — after setting up two Vants around Pfizer assets in the past two years — and hopes to be talking about them in 2024, CEO Matt Gline told analysts on a quarterly earnings call on Monday morning.
What’s next for two of biotech’s once-cool, now-hot companies? Hot on the heels of critical data readouts, Roivant Sciences and BridgeBio Pharma are enjoying two of 2023’s most dramatic stock turnarounds, after their briefly-out-of-favor business models have turned up potential blockbuster drugs.
The most you can lose on any stock (assuming you don't use leverage) is 100% of your money. But if you pick the right business to buy shares in, you can make more than you can lose. Take, for example Roivant Sciences Ltd. (NASDAQ:ROIV). Its share price is already up an impressive 156% in the last twelve months.
Newly minted graduates who join the biotech company enter a two-year rotational program where they spend six months with four different teams in various functions across the dozen different companies within the Roivant portfolio.
Roivant Sciences Ltd. CEO Matt Gline said during the same panel discussion that as a company that often licenses or acquires external drug candidates, “the last couple of years has been one of the best
environments for that kind of dealmaking in history, frankly, because people have fewer options. And so, if you can be one of their options, you're in a privileged position.”
Roivant Sciences Ltd. (NASDAQ:ROIV) shareholders will have a reason to smile today, with the analysts making substantial upgrades to this year's statutory forecasts. The consensus statutory numbers for both revenue and earnings per share (EPS) increased, with their view clearly much more bullish on the company's business prospects.
According to Benzinga Pro data, during Q4, Roivant Sciences posted sales of $27.38 million. Earnings were up 84.19%, but Roivant Sciences still reported an overall loss of $60.86 million. In Q3, Roivant Sciences brought in $17.05 million in sales but lost $384.90 million in earnings.
Roivant reported fourth-quarter revenue of $27.4 million, up 197% year over year, and an earnings per share (EPS) loss of $0.05, compared to an EPS loss of $0.39 in the same period a year ago. The improved EPS is really what propelled the stock higher.
On June 28, 2023, Roivant Sciences surprised investors with its impressive Q4 performance, leading to a surge in its stock prices. The company’s financial results for the fourth quarter and fiscal year ending March 31, 2022, revealed a net loss of $352.01 million, marking a 15.01% decline compared to the previous year. Despite this setback, Roivant Sciences managed to surpass analysts’ predictions, with earnings per share of -$1.78 over the past four quarters. The company’s Q4 loss was offset by a remarkable 44.56% increase in revenue, surpassing all expectations.
Roivant shares gain more than 10% after narrower-than-expected quarterly loss. After surviving some turbulent market conditions in its first years as a public company, Roivant Sciences Ltd. ROIV, is taking on industry behemoths as it develops new treatments for ulcerative colitis, Crohn’s disease and other conditions.
Roivant Sciences (ROIVW) is around the top of the Healthcare sector according to InvestorsObserver. ROIVW received an overall rating of 78, which means that it scores higher than 78% of stocks. Additionally, Roivant Sciences scored a 71 in the Healthcare sector, ranking it higher than 71% of stocks in that sector.
Roivant Sciences released Phase IIb data for RVT-3101, the UC program it acquired from Pfizer late last year, showing that the drug’s effects could be maintained for up to a year. It’s confirmation of earlier data showing success at 14 weeks — a statistically significant finding, Roivant said in January.
Thursday, Roivant Sciences announced positive results from a Phase IIb trial of a closely watched treatment for different kinds of inflammatory bowel disease. RVT-3101, a monthly subcutaneously administered anti-TL1A antibody, showed positive results in patients with moderate to severe ulcerative colitis.
"Our expectations for this chronic data were categorically exceeded with significant improvements seen in patients receiving the expected Phase 3 dose across all key (effectiveness) metrics at week 56 vs. at week 14," Roivant Chief Executive Matt Gline said in a written statement.
Shares of Roivant Sciences were up 17% in premarket trade Thursday after the company released new longer-duration data from a Phase IIb study of RVT-3101 in adults with ulcerative colitis. "These results continue to support RVT-3101's potential as a first-in-class anti-TL1A antibody, demonstrating sustained efficacy across a broad dose range measured at 56 weeks," the company said.
After impressive induction results in January, maintenance data from the same trial of Roivant’s RVT-3101 have increased excitement about the novel TL1A-targeting mechanism. Ulcerative colitis patients showed ongoing improvements on clinical and endoscopic remission endpoints in the phase 2b Tuscany-2 trial, with “compelling efficacy” across cohorts at 56 weeks; Roivant executives described the 36% endoscopic remission rate in biomarker-positive patients treated with the anticipated phase 3 dose as unparalleled.
New Phase IIb ulcerative colitis data showing rising remission rates over time suggest a molecule from Roivant and Pfizer has exceeded efficacy expectations, driving a gain in market cap of about $334 million and setting a bar for others in the class.
Shares of Roivant Sciences Ltd. ROIV, 1.25% 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.
In a report released today, Corinne Jenkins from Goldman Sachs maintained a Buy rating on Roivant Sciences (ROIV – Research Report), with a price target of $14.00. The company’s shares opened today at $10.05.
The breadth of Roivant's (NASDAQ:ROIV) product pipeline and the versatility of its business model substantiate its strength as a biopharmaceutical player. The success of VTAMA and the potential of RVT-3101, along with other promising products in late-stage clinical trials, underscore Roivant's dedication to pioneering healthcare solutions. Its robust financials and innovative research model further enhance its investment appeal. Hence, Roivant Sciences presents a compelling investment proposition for investors seeking to capitalize on cutting-edge therapeutics and a unique business approach in the biopharmaceutical sector.
In Vivo asked six biopharma figureheads to share their thoughts on the state of leadership in the life sciences space, exploring the qualities of a great leader, how recent years have shaped this role within the industry and the challenges ahead.
Last December, Pfizer (NYSE: PFE) essentially out-licensed its tumor necrosis factor-like ligand 1A (TL1A), PF-06480605 (now RVT-3101), to Roivant Sciences (NASDAQ: ROIV) by forming a new company with the precision drugmaker. Per the terms of the deal Pfizer owns a 25% equity stake in the new company, along with the drug's commercial rights outside of the U.S. and Japan.
In the wake of the Covid-19 pandemic, there’s one issue that unites hospitals around the globe: health worker burnout. As part of its strategy to help its existing healthcare customers—and woo new ones—Amazon’s cloud division has selected 23 health tech startups from a pool of 500 applications to participate in its latest healthcare accelerator program focused on workforce issues.
Matt Gline is the CEO of Roivant Sciences, a company that delivers innovative medicines and technologies to patients by building Vants – nimble, entrepreneurial biotech and healthcare technology companies.
With numerous highly anticipated data readouts due over 2023, the spotlight is on Roivant like never before. CEO Matt Gline enlightens In Vivo on the firm’s ‘vant’ subsidiaries, its in-house drug development strategies and the future of its Vtama psoriasis treatment.
Matt Gline has had enough of the quips. Over the course of his seven-year tenure at Roivant Sciences—the last two as CEO—he's fended off what he thinks are condescending characterizations that the “vant” parent company is a discard-reliant pharma and prognostications about the potential of the drugs it works on.
Much has been said about the tumultuousness of the biotech market in 2022 and how the industry and associated innovation will fare in the new year. Roivant Sciences CEO Matt Gline has heard the prognosticating and, at this year’s J.P. Morgan Healthcare Conference, he had a concise message on behalf of his company: We’re moving up.
Eli Lilly struck a $55 million deal with Capsida Biotherapeutics to develop gene therapies for central nervous system diseases. Under the agreement, Eli Lilly’s Prevail, which it acquired in 2021 to develop its gene therapy unit, will spearhead early development and Capsida will lead discovery.
A Phase III showdown between anti-TL1A mAbs for ulcerative colitis is shaping up for 2023 with positive Phase IIb data for RVT-3101 from Roivant Sciences Ltd. (NASDAQ:ROIV) announced less than a month after Prometheus Biosciences Inc. (NASDAQ:RXDX) reported Phase II results for PRA023.
Roivant Sciences has shown its hand in the red-hot race for a new ulcerative colitis market. Weeks after Prometheus Biosciences wowed investors, and with the ink on its deal with Pfizer to enter the race still drying, Roivant has shared phase 2b data it claims position it as a best-in-class contender.
Roivant Sciences (NASDAQ: ROIV) announced results from the induction period of the TUSCANY-2 Phase 2b study of RVT-3101 (previously PF-06480605), a once-monthly anti-TL1A antibody for ulcerative colitis.
U.K.-based biotech Roivant Sciences (NASDAQ:ROIV) announced Wednesday that its Phase 2b trial for subcutaneous ulcerative colitis therapy RVT-3101 generated statistically significant and clinically meaningful efficacy results at each dose level.