IMVT - Immunovant: Next Generation Anti-FcRn Candidate Keeps Hopes Alive

2024-06-27 10:16:11 ET

Summary

• Immunovant listed on Nasdaq in 2019 through a SPAC with Roivant Sciences as majority owner, focusing on developing drugs for autoimmune diseases, notable the FcRn inhibitor batoclimab.
• Batoclimab, faced safety issues leading to stock declines, after an initial surge efficacy. New candidate IMVT-1402 has emerged as a potential solution with positive Phase 1 results.
• Immunovant aims to transition to IMVT-1402 into batoclimab programs for multiple indications, competing in a crowded FcRn-inhibitor market with potential for blockbuster revenues.
• Immunovant believes it now has a version of batoclimab that keeps the strong efficacy, while eliminating the safety issues. In this complex and fluid field of drug development, competition is fierce however.

Investment Overview - Immunovant's Listing & The Rise & Fall Of Batoclimab

Immunovant ( IMVT ) joined the Nasdaq back in 2019, via a merger with the Health Services Acquisition's Company, a Special Purpose Acquisition Company ("SPAC") set up and listed publicly purely for the purpose of acquiring a biotech or medtech company.

Among the investors in HSAC were biotech focused VCs RTW Investments, BVF Partners, Adage Capital Management, and Roivant Sciences ( ROIV ), which remains the majority owner of Immunovant stock, Immunovant being one of a "family" of "Vant" companies which develop drugs for a variety of distinct disease areas and indications. The success of this approach was underlined last year when Swiss Pharma giant Roche (OTCQX: RHHBY ) paid ~ $7bn to acquire Televant , and its auto-immune drug RVT-3101....

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