March 8 Quick Takes: Roivant to acquire Immunovant; plus Lilly-Biolojic, Soleno, Gilead, Genentech and Cara-Vifor
Immunovant Inc. (NASDAQ:IMVT) rose $1.88 (14%) to $15.39 on Monday after the autoimmune company said parent Roivant Sciences Ltd. plans to propose an offer to acquire the 42.5% of outstanding shares of Immunovant that Roivant doesn’t already own. Immunovant is not far off its 52-week low after announcing last month that it paused trials of anti-FCRN mAb batoclimab (IMVT-1401) due to elevated total cholesterol and LDL signals in the Phase IIb ASCEND GO-2 thyroid eye disease trial. Despite Monday’s jump, Immunovant is still 71% off its 52-week high of $53.75 last November.
Lilly, Biolojic in diabetes deals
Eli Lilly and Co. (NYSE:LLY) partners with Israeli AI company Biolojic Design Ltd. to develop antibody-based therapeutics for diabetes. Biolojic is eligible to receive up to $121 million in milestones and a promissory note convertible to Biolojic equity, plus royalties...