Pfizer’s new ulcerative colitis drug improves clinical remission rates in Phase 3 study

Shares of Pfizer Inc.
PFE,
+0.71%
gained 0.2% in premarket trading on Wednesday after the company said the experimental ulcerative colitis drug it bought through the recent Arena Pharmaceuticals deal improved clinical remission rates. The findings came from a Phase 3 clinical trial evaluating the drug, etrasimod, in 354 patients with ulcerative colitis. Pfizer closed its $6.7 billion acquisition of Arena earlier this month. Pfizer’s stock is down 10.2% so far this year, while the broader S&P 500
SPX,
+1.43%
has declined 5.3%.