Business
Roivant Reports Financial Results for the Second Quarter Ended September 30, 2023, and Provides Business Update
Roivant entered into a definitive agreement with Roche for the sale of Telavant for $7.1B upfront and a milestone payment of $150M payable upon the initiation
About this update from Roivant Sciences Ltd.
[{"type":"text","content":"Roivant entered into a definitive agreement with Roche for the sale of Telavant for $7.1B upfront and a milestone payment of $150M payable upon the initiation of a Phase 3 trial in ulcerative colitisIMVT-1402 subcutaneous (SC) doses achieved peak Immunoglobulin G (IgG) reductions that are similar to those previously observed with batoclimab, based on initial results from Phase 1 single-ascending dose and 300 mg multiple-ascending dose studiesIMVT-1402 showed no statistically significant dose-related decrease in serum albumin below baseline or increase in low-density lipoprotein cholesterol (LDL-C) above baseline after 4 weeks of dosing in the 300 mg multiple-ascending dose (MAD) SC cohortVTAMA® (tapinarof) cream, 1% net product revenue was $18.4M for the quarter ended September 30, 2023, with over 250,000 prescriptions written by approximately 12,800 unique prescribers since launchRoivant reported cash, cash equivalents and restricted cash of approximately $1.4B at September 30, 2023. Giving effect to Immunovant’s October 2023 follow-on offering and expected cash proceeds from the pending sale of Telavant (including one-time milestone), Roivant’s cash, cash equivalents and restricted cash would have been approximately $7.0BRoivant appointed President and Chief Investment Officer, Mayukh Sukhatme, M.D., to its Board of Directors BASEL, Switzerland and LONDON and NEW YORK, Nov. 13, 2023 (GLOBE NEWSWIRE) -- Roivant (Nasdaq: ROIV) today reported its financial results for the second quarter ended September 30, 2023, and provided an update on the business. “In the last few weeks, we announced a historic deal with Roche for the sale of Telavant for $7.25 billion. While we intend to be very thoughtful about capital deployment, we expect that the resulting cash will be sufficient to fund our programs through profitability, in addition to enabling other opportunities and investments,” said Matt Gline, CEO of Roivant. “This was also another significant quarter for our clinical programs with a data readout from IMVT-1402’s Phase 1 SAD study and 300 mg MAD cohort. The data represent what we believe is the best-case scenario for our FcRn franchise and truly broadens the horizon for what is possible in the landscape of autoimmune therapies and for patients suffering from autoimmune diseases. We are excited about the recent progress and look fo...