Roivant announces $1.5B share buyback, positive Phase 2 data Apr. 02, 2024 9:20 AM ET By: Val Brickates Kennedy , SA News Editor [Seeking Alpha]
SUMITOMO CHEM UNSP/ADR (SOMMY)
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Source: Seeking Alpha
Roivant's board has authorized the company to buy back up to $1.5B common shares, including the repurchase of the entire Sumitomo Pharma stake for $648M. The Sumitomo stake repurchase will reduce the number of outstanding shares by 9%, Roivant said in a statement Roivant said it entered into an agreement with Sumitomo to repurchase all of the 71.3M shares Sumitomo holds for $9.10 per share. The transaction is expected to close on or about April 4. The company also reported positive data from a Phase 2 study of brepocitinib in the treatment of non-infectious uveitis, or NIU. A pivotal Phase 3 study of the drug in dermatomyositis is expected to read out in 2025, while a pivotal Phase 3 study in NIU is expected to be initiated in the second half of 2024. Recommended For You More Trending News
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