Shares of Israel’s Teva jump 23% after in-development drug’s ‘unprecedented results’

Shares in Israel’s Teva Pharmaceutical Industries have soared, after the generic drug giant said that the results of a clinical study of its Duvakitug drug for the treatment of ulcerative colitis and Crohn’s disease met primary goals.

In a joint statement, Teva and French drug-maker Sanofi, partners in the development for the treatment of moderate-to-severe inflammatory bowel disease (IBD), announced that the second-phase clinical trial results for the drug showed “unprecedented results.” Teva’s US-listed shares jumped 23 percent.

“The results from the study have exceeded our expectations, and I am deeply moved by the potential for Duvakitug to help treat and meaningfully improve the quality of life of people living with IBD,” said Teva’s Chief Medical Officer Eric Hughes.