By Bhanvi Satija
(Reuters) -Roivant Sciences' experimental drug to treat non-infectious uveitis helped reduce symptoms of the inflammatory eye disease in a mid-stage study, sending the biotech firm's shares up nearly 8% on Tuesday.
At least three analysts said the data surpassed their expectations and showed that the drug could benefit patients more than Abbvie's Humira, which is the only targeted therapy approved for the condition.
The drug, brepocitinib, compared "very favorably" to Humira with a lower treatment failure rate and a faster transition from steroids, said Leerink analyst David Risinger.
In the study testing 26 patients, 29% of those who received a higher-strength 45 milligram (mg) dose and 44% of those who received a 15 mg dose experienced treatment failure, with a lower rate implying a greater benefit from the drug.
The drug helped reduce a type of swelling known as macular edema, in some patients who received the higher dose.
Patients in the study were first dosed with a corticosteroid, a class of drugs used to manage symptoms, before transitioning to brepocitinib after eight weeks.
"If our Phase 3 data looks anything like our Phase 2 data, the commercial picture for this opportunity should be relatively clear," CEO Matt Gline told Reuters.
Roivant said it expects brepocitinib to be a multi-billion dollar opportunity, without elaborating on a likely figure.
Brepocitinib inhibits two proteins - TYK2 and JAK1 - which play a role in immune responses and targets the cause of the disease that can lead to irreversible vision impairment and blindness.
Priovant Therapeutics, Roivant's joint venture with Pfizer (NYSE:PFE), owns the global rights to develop the drug.
A late-stage study for the drug is expected to start in the second half of this year. The drug is also being tested for a muscle inflammatory condition called dermatomyositis.
Roivant's board also approved a share repurchase program for up to $1.5 billion, including a $648 million buyback from Sumitomo Pharma.