08:38 AM EDT, 04/02/2024 (MT Newswires) -- Roivant Sciences ( ROIV ) and Priovant Therapeutics said Tuesday that a phase 2 study evaluating brepocitinib in non-anterior non-infectious uveitis met its primary and secondary endpoints.

In the study, 26 patients with non-infectious uveitis were given different doses of brepocitinib for 24 weeks. The study showed the drug had a failure rate of only 29% among patients receiving the 45 mg doses and 44% among patients receiving the 15 mg doses, the company said.

Uveitis can impair vision or lead to blindness.

Separately, Roivant said its board authorized a share repurchase program of up to $1.5 billion, including the repurchase of all 71.3 million shares held by Sumitomo Pharma at a purchase price of $9.10 per share.

The Sumitomo Pharma transaction, valued at about $648.4 million, is expected to close on or about Thursday.

Roivant shares rose by nearly 7% in premarket trading.

Price: 11.11, Change: +0.68, Percent Change: +6.52