Roivant, Pfizer unveil Priovant Therapeutics focused on autoimmune disease treatments, Roivant stock surges

Shares of Roivant Sciences Ltd.
ROIV,
-2.30%
shot up 10.0% in premarket trading Tuesday, after the biopharmaceutical company and drug giant Pfizer Inc.
PFE,
+0.56%
unveiled Priovant Therapeutics, a biotechnology company focused on developing novel therapies for autoimmune diseases with the greatest morbidity and mortality. The companies said Priovant was formed through a deal between Roivant and Pfizer in September 2021, in which Pfizer licensed oral and topical brepocitinib, a potential autoimmune disease treatment, for global development rights and U.S. and Japan commercial rights to Priovant. Pfizer holds a 25% equity stake in Priovant. Separately, Roivant reported a fiscal fourth-quarter net loss that narrowed to $270.1 million, or 39 cents a share, from $509.6 million, or 80 cents a share, and revenue that fell 39.1% to $9.22 million. The company said it had cash and cash equivalents of $2.1 billion as of March 31. Roivant’s stock has tumbled 53.6% year to date through Monday, while Pfizer shares have lost 12.1% and the S&P 500
SPX,
-0.30%
has declined 18.2%.