Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the Roivant Sciences Investors Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automatic message advising your hand is raised. Please note that today's conference is being recorded. I will now hand the conference over to your speaker host, Stephanie Lee. Please go ahead.
Good morning, and thanks for joining today's call to review the acquisition of Telavant. I'm Stephanie Lee with Roivant. Presenting today, we have Matt Gline, CEO of Roivant. For those dialing in via conference call, you can find the slides being presented today, as well as the press release announcing these updates on our IR website at www.investor.roivant.com. We'll also be providing the current slide numbers as we present to help you follow along. I'd like to remind you that we'll be making certain forward-looking statements today during this presentation. We strongly encourage you to review the information we have filed with the SEC for more information regarding these forward-looking statements and the related risks and uncertainties. With that, I'll turn it over to Matt.
Thank you, Steph, and thank you everybody for joining this morning. Really appreciate it. I know it was on short notice. I'm excited to be here today. This is gonna be a relatively short call from a content perspective, but wanted to make sure we said a few things on this occasion and, and had a chance to take questions if, if there are any. You know, I'll start on page three of the deck that's already up on our website. With...
I think a lot of this is now in the public domain, but so we're here to announce, and we're very excited about this, that Roche is acquiring Telavant, our TL1A antibody program from us for $7.25 billion, comprising $7.1 billion upfront and $150 million milestone that's payable on the initiation of a phase III study in UC next year. The deal includes everything that's in Telavant, including development rights to RVT-3101 in the U.S. and Japan, as well as the option to collaborate with Pfizer on the next generation bispecific P40 TL1A antibody. The proceeds that we expect to us, remember that Pfizer owns 25% of this, of this collaboration.
The proceeds that we expect to use are $5.2 billion on deal close, plus $110 million from that milestone that I mentioned, and we expect to qualify for an exemption from tax. Pfizer will keep commercial rights to RVT-3101 outside of the U.S. and Japan, and we expect the deal to close either this quarter or next quarter. So I wanna talk just a little bit about the why on the transaction on slide four. And really there's, there's three prongs to it. The first is just for the sake of the program and the patients. Look, I'm incredibly proud of our team at Roivant for everything that we've accomplished here in the last year on this program, and all of our programs, and I believe that we could have succeeded with this in our hands.
But there is no question that the breadth and expertise that Roche brings to the table will maximize the patient opportunity for this program fully. They will get it into indications beyond IBD, into indications including IBD. We believe, we believe they'll make it a great success for the field, and we are very proud for the role that we will have played in advancing it while we've had it in our hands. So that's, that's the first thing for us, is that we wanna make sure we're doing the right thing with a program like this, with this opportunity for patients, for investigators, for their families. From a value generation perspective, we think this is a full value deal. We think $7.25 billion reflects the large scale of the TL1A opportunity.
We think it is comparable to the other large transaction in this space when you adjust for the fact that we don't have European geographic rights. We think it's a tremendous value for a tremendous opportunity. And it represents a high degree of capital efficiency for us, which we think reflects on the quality of the data generated over the course of the past 12 months and the development progress that we've made with the program in our hands in rapidly moving forward towards a phase III program. And then finally, and I suspect this is obvious to some degree, this capital infusion creates enormous opportunities for us. You know, we...
As a result of being able to wait until after we saw the Immunovant data, we know that we have a best-in-class anti-FcRn antibody, which is a huge opportunity. We are incredibly excited about brepocitinib and other things in our portfolio. We are excited about what we see in the world in terms of new programs to bring in and opportunities to expand our pipeline. We just feel like we have a ton of places to go with this.
And the one thing that actually was the single most important reason from my perspective to hold this call is I'm sure we're gonna get a lot of questions today and in the coming days about what exactly our plans are for the capital, how we're gonna deploy it, what we're gonna spend it on, what new Vants we're gonna do. And the one thing I'll say is, especially in the current market, but just generally, we think it is very important for us to be patient and thoughtful in making decisions around the allocation of this capital, and we are, we are going to take our time. And we think one of the things this deal affords us is the luxury of making those decisions after measuring twice.
And so we expect to do that from a position of strength, and we look forward to sharing those updates today and in the future, as we're ready. You know, on slide five, just a reminder, we have a great portfolio here that we are excited to invest in. We have our commercial franchise at Dermavant with VTAMA. We have brepocitinib, which it's hard to believe we still have more important data coming this year, but brepocitinib has important SLE data coming this quarter, as well as data coming in 2025 in dermatomyositis and sooner in NIU. We've got data in batoclimab and in IMVT-1402.
This is a very data-rich period for that, and we've got other programs in our portfolio as well. So a pipeline that we are very proud of today and excited for what we're gonna be able to achieve there. And then lastly, you know, on slide six, I just wanna take a little bit of a victory lap, honestly, for what we said was going to be an amazing year for us. 2023 has been wild. You know, we started this year with sort of a quarter on VTAMA, where we talked about expanding coverage, and we're really happy with where we are from a coverage perspective.
And believe it or not, the AD data with this year, reading out our entire phase III program for VTAMA and atopic dermatitis, which is an approval coming for us, we hope, next year following a submission with FDA. We read out data both at the beginning of this year and the middle of this year on RVT-3101, the transaction, the program that's the subject of today's transaction. And it was just a month ago, we read out our positive data on our next generation anti-FcRn antibody, IMVT-1402, which we think largely cements our position there as the best in class of the anti-FcRn antibodies and puts us in a very strong position.
And as I mentioned just previously, still to come, is our data on our TYK2/JAK1 brepocitinib in SLE, which should be coming between now and the end of the year, and which we are excited to share when we have it. We have a number of other catalysts in our existing pipeline on slide seven, which I won't go through all of, but we're excited to sort of see them all play out. And the one thing I'll say as I'm sort of wrapping on the presentation portion of this is, just as a reminder, a year ago today, if we were getting on the phone, IMVT-1402 had only been publicly announced about a month ago. It was still not in human studies, and we did not even have the anti-TL1A antibody program in hand.
So what I hope is that when we get on the phone next year to announce something in November, we'll be talking about programs as significant, as important, and things that are, that are not yet, not yet public or not yet in our portfolio. So we're, we're excited for developments to come, and I think there's a lot to do here. Before I turn it over to Q&A, and that's really all I wanted to say, I just wanna thank a bunch of people that are important to thank here. First of all, I want to thank Roche, who's an important partner on this program and who has worked with us tirelessly to understand it, and who we believe will do a phenomenal job as stewards of it.
Second of all, I want to thank Pfizer, who invented the program, who brought it up to the level where we were able to take it on, who has been a fantastic collaborator to us on this program and others, and who stands to, we believe, benefit enormously from this transaction as well. And we are just deeply grateful for their partnership. We're grateful for their work for patients. We're really appreciative of the deal they did with us and the value they entrusted with us to do right by them and right by this program. I wanna thank the entire Roivant team.
There are too many people to name individually here, but between the work required to bring this in, the dead sprint that the team has been in to continue to progress the program since the day we brought it in, and many of you know this, but the dead sprint involved in putting a transaction like this together, there are a lot of people who were required, and I just want to say thank you to all of them. And then I want to say thank you to our investors and shareholders who have been with us on a pretty interesting journey over the last 12 months, and we're excited to take it again from here. So, so thank you, everybody. With that, I'm going to turn it over to Q&A. Thank you, operator.
Certainly. Ladies and gentlemen, to ask a question, you will need to press star one one on your telephone and wait for your name to be announced. Please stand by while we compile the Q&A roster. Our first question coming from the line of David Risinger with Leerink Partners. Your line is open.
Great. Thanks very much. So first of all, I wanted to say congrats to you, Matt, and the entire team on a phenomenal transaction. I am curious about two things. So first, can you talk about potential plans for redeployment of capital, how you're thinking about that at a high level, and when you expect to provide more specifics? And then second, with respect to the event path ahead, obviously, you have another set of important catalysts in coming months. Could you just update us on the likely timeline for the key catalysts over the next three months or so? Thanks very much.
Yeah. Thank you, Dave. Really appreciate it. Appreciate both questions, and they're both things that we expect to have on our minds, so appreciate it. On the question about redeployment, look, recall that we just signed this, so we don't have the capital yet to deploy. But also, one of the main reasons I wanted to have this call is to answer consistently. We are going to be patient with the answer to that question. We're going to be thoughtful with the answer to that question, and we are not going to rush to any specific answer. The cash capacity, I want to say this clearly, is definitely sufficient to fund our existing programs through profitability.
It definitely gives us flexibility to do with things that I hope people will now give us the benefit of the doubt on, which is to find great opportunities that we think we can make a difference by developing, and we expect to keep expanding our pipeline. We see other opportunities for investments that we're constantly looking at, and some of them we haven't made for capital reasons before, and so we're just going to be thoughtful there. And we also obviously have the potential to return capital to shareholders. So, we've got lots of flexibility. In terms of the timing of it, I think we'll probably give another update when the deal closes, but fundamentally, we expect to be very patient here, and no promises on a specific timeline to an answer.
And then on timeline for the coming catalysts, you know, I think there's a handful of things here that we've guided to this quarter. There's data on the 600 milligram multiple ascending dose cohort at Immunovant, which I think we said will be this, will be November, is what we've said. And then there's the data in brepocitinib in SLE, which we've said will be the fourth quarter. And there's data in Graves' disease at Immunovant.
So in short, I think the data on the 200 milligram multiple ascending dose, as Immunovant has guided, will be in November. My expectation is that the brepocitinib data will be sometime in the middle of the quarter, and that the Graves' data will be a little later in the quarter. But I don't know exactly, and obviously, these are all sort of live programs that are in sort of the final stages of collecting data and cleaning data. So we'll report it when we've got it.
Great. Thank you.
Thank you, Dave. Appreciate it.
Thank you. And one for our next question. Our next question coming from the line of Brian Cheng with JP Morgan. Your line is open.
Hey, guys. Congrats on the deal on TL1A, and really thanks for taking my question this morning. Maybe just one quick question on the capital deployment here. We saw that on your most recent deck, you guided that you're looking to in-license mid to late-stage assets. On the back of this deal, now that capital is not going to be an issue, are you planning to accelerate process on that front? And can you give us some color on what thematic areas that will make sense here? And do you think that this transaction today will have any read-through on your way of thinking about your Immunovant ownership? And I have a quick follow-up. Thank you.
Yeah. So, on the first question on deploying capital against late-stage opportunities, I guess what I'd say is, first of all, I appreciate this sentence will be hard to believe now, and I don't know when that will prove it true, we will prove it true as a team. But we see things in the world that are every bit as exciting as the anti-TL1A antibody, that we believe we could add to our portfolio, and we expect to keep looking for those things and seeking value wherever we can find it. I don't think our standards for deals are going to change as a consequence of having extra capital. That is, I think we are still going to be rigorous and thoughtful and move at the pace that is appropriate for us.
But that said, even the TL1A deal was frankly, a little bit scary for us when we brought it in at first because of the capital required to develop program in UC. And I think, certainly if we were doing that deal again tomorrow, it would be a little bit less scary as a result of this transaction. So I think it's helpful from that perspective. In terms of whether this changes the way we think about Immunovant, I guess I want to say a few things, but most importantly, the answer is no. That is, I think we will continue to be ruthlessly economic around how we think about our ownership stake in Immunovant. The only thing that I think is different is the bar is higher. We are operating from a position of greater strength. We have a best-in-class anti-FcRn antibody, in our opinion.
That class will be large. The competitive landscape is, on the one hand, somewhat intense in the sort of immediate proximity, but on the other hand, actually not that intense in terms of the amount of white space across indications. And we wanna develop our program in a way that lets us get to many places first, lets us stay near the front of the line, and lets us sort of run with the best of those programs and beyond. And I think we are capitalized to do that successfully now. That said, we will continue to be value-oriented in the same way that I think we've been here with the TL1A program in evaluating anything that comes our way in the coming months.
Great. And then, on the milestone, near term, what is that milestone anchored on?
That milestone is anchored on the initiation of the clinical trial in UC next year. In order for it to be paid, that initiation has to happen next year. We have a high degree of confidence that it will in Roche's hands. And to be honest, I think the reason for that milestone is that our team is gonna have to continue to work with Roche on the advancement of that program and getting the trial started. I think Roche wanted to make sure that we had full incentive to work hard with them alongside them, which obviously we would have done anyway, given the importance of the program.
Great. Thank you, Matt. Congrats.
Thank you. Appreciate it.
Thank you. Our next question coming from the line of Yatin Suneja from Guggenheim. Your line is open.
Hey, guys. Thank you for taking my question. First of all, congratulations. Significant amount of value creation for Roivant investor in this short amount of time. Maybe one question, I think that's probably the feedback we're getting from investor is... I think from investor perspective, I think you're now more reliant on VTAMA and also the pipeline asset. So just curious to understand, I mean, how does that—what is the value for VTAMA to you? And then, you know, if you are saying anything about brepocitinib in terms of your expectation for the upcoming catalyst, which I think, again, is very important asset for the company.
Great. Thank you, Yatin, and welcome. Welcome to the call. We appreciate your joining us. You know, first thing I'll say is, you say you think this makes VTAMA more important. I guess what I'll say is, at some fundamental level, I think this makes VTAMA and many other individual things less important in the sense that we can take our time and deploy capital carefully, irrespective of any individual thing. That said, we are very excited about VTAMA as a program. We remain excited about it. We remain excited about what it has allowed us to do in terms of building a commercial footprint and relationships with payers and PBMs and so on. So I think it's been a real step forward for us.
We're excited for the AD launch that will hopefully come next year based on the quality of the data we have, and we think that'll be an important moment. And look, I think at some fundamental level, in addition to everything else, VTAMA gives us a long-term opportunity for non-dilutive capital. Whether that winds up being in the form of partnership or whether that winds up being in the form of a profitable program that generates free cash flow for us, and we think we're certainly on a trajectory that will give us that outcome. We think that's a useful base layer that lets us build from there, and we're excited to watch that play through. Obviously, we see tremendous value in the pipeline beyond that. Certainly, we've talked about Immunovant here.
I won't say it again, but you asked specifically about brepocitinib. You know, brepocitinib has, in my opinion, has to be one of the most underappreciated drugs with, I think, six positive phase II studies under its belt. We have generated some amazing data, including some of the best data the world's seen in Crohn's disease, for example. And we are really excited to continue to progress that program. We've talked a bit about our strategy in recent quarters, including sort of the focus on sort of orphan rheumatology. Having said that, this SLE data is coming. We've been cautious around that data because SLE is a difficult indication for clinical development, and you know, it's another study that we are running with Pfizer, that Pfizer has the keys on the study itself.
They've been a great partner to us. Having said that, the thing that we are hoping to see to progress the program is a balance of totality of the data that makes us feel like it will be competitively, yeah, as good or better than upadacitinib, which we think that bar really looks like. Something like a mid-teens SRI-4 is kind of what we have in mind to beat. Obviously, the particulars of exactly what it looks like and what we will progress depend on more than just that one number, but that's a proxy for what we're looking for.
Very good. Thank you.
Thank you.
Thank you. Our next question coming from the line of Louise Chen with Cantor. Your line is open.
Hi, congratulations on the deal, and thanks for taking my questions here. So I wanted to ask you how Roche valued the Crohn's disease portion of the asset, because that, readout is coming in fourth quarter 2024. So just curious your thoughts on that. And then secondly, just a follow-up on an earlier question, are you planning to move this into phase III while you wait for the deal to close, or is the focus really just on deal close right now? Thank you.
Look, on the second question, which is the easy one, this is an incredibly important program. It's important to us. It's obviously now important to Roche. We are going to move full speed ahead on this transaction, on this program as the transaction moves towards closing. We will move forward and the program will go into a phase III study. So that's the answer is, we're focused on closing the transaction, obviously, but we're also focused on continuing to develop the drug, and we expect the transaction to close either this quarter or next quarter. On the question of how Roche valued Crohn's or anything really, look, I think that is mostly a better question for Roche than for us.
I think you can see embedded in a transaction of this size and value, especially for a U.S. and Japan-only program, that they saw a lot of value in the program, and I think they agreed with us about its breadth and potential reach. But beyond that, I think that's for Roche. Thank you.
Thank you. Our next question coming from the line of Dennis Ding with Jefferies. Your line is open.
Hi, good morning. Congratulations on the deal. Maybe I have a question on the timing of the deal. I mean, before you previously highlighted that any deal would be gated by your visibility on the mid- to late-stage pipeline. And, you know, we still have the Immunovant multidose data coming up, as well as the lupus data coming up, which seems to be in my view, maybe November. But maybe talk about the timing of the TL1A deal from this morning, and perhaps on, you know, the read-through on your level of confidence heading into those two readouts. Thank you.
Yeah. Thanks, Dennis. I think it's a great question. Look, I had said before, and I think we had, we had meant, it was really valuable to us to see what Immunovant had before we made a decision on this program. I think at this point, based on the data we put out last month, we and Immunovant have high conviction that 1402 ought to deliver tocilizumab-like IgG suppression and a clean profile on albumin, LDL. Obviously, we still have the 600 milligram MAD dose out, but we view that as confirmatory. I'm not a superstitious person. I won't, it'll be what it is, but we're pretty confident about the profile that we have there.
And I think it made any decision on this easier because we knew at this point that we had a war on multiple fronts, and we had to decide how to best position ourselves to maximize the value of both of these programs. And now we knew the magnitude of the task at hand and the magnitude of the opportunity in front of us. So I think getting a good look at the Immunovant data was very valuable.
You know, beyond that, we are going to continue to develop drugs and bring in new drugs, and obviously, we do have the lupus data coming up. We have more data coming up on Immunovant and Graves and other places. You know, I think, we can't wait forever to make every decision, but we felt like we had enough to know that this was the right moment. Mayukh, anything you'd add?
No, I think you hit most everything.
Okay. No.
No particular read through from it.
Yeah, no, no particular read-through to lupus, no particular read-through to even our plans on Immunovant.
Yeah.
... Thank you, Dennis.
Thank you. Our next question coming from the line of Corinne Jenkins with Goldman Sachs. Your line is open.
Yeah, thanks. As somebody referenced it earlier, but, you know, a lot of the deal focus has been on mid- to late-stage pipeline assets in the past. I guess, given the influx of capital, do you see this expanding kind of the targets that you'd go after or where you'd source them? Or given the success of this, are we trying to repeat? Maybe I'll start there.
Yeah, thanks. Look, I think the first thing is, it's funny. On the eve of the VTAMA launch, we had an internal presentation, and I had a slide. I think the thing I said on the slide was, "Don't let the money change us." And I feel like that message is equally appropriate for the current moment, which is to say... Look, I think one - we are at our best when we are looking for efficient ways to bring things in that matter and to advance them. Efficient is not a size constraint. Efficient is a value constraint and about a path to an end. But I think we're looking for similar things we've always been looking for.
You know, I think in terms of the aperture, obviously, sitting where we do right now, and the very reason why I say we're gonna be patient on capital deployment, there are things we could conceivably do that we couldn't have done before. But I think mostly we looked at deals, not with reference to whether they were possible for us to execute on based on where we were, but whether it was highly valuable to execute on them or not. And so I think we weren't passing up a lot of deals that we thought were great deals for capital reasons anyway. So I don't think the aperture is significantly different here.
Look, I think if you look at the through line behind the things that we've been working on, I think we're always looking for compelling biology. We're looking for a clear understanding of what we're gonna do with the program from a development perspective, and an ability to bring real value in our hands, and I think those are still important criteria for us.
Okay. Then last one for me. You just, you mentioned earlier you could fund all these programs to profitability now. I guess, how important is that as a priority as you think about kind of capital deployment versus executing on additional deals?
The good news is I don't think we have to choose right now. I think they're both important and both available to us. So, if at some point in the future, we have to weigh those things, we will think about it and communicate about it. But right now, I think we've got more than enough to do both of those things.
Okay, thanks.
Thank you. Our next question coming from the line of Robyn Karnauskas with Truist. Your line is open.
Hi, this is Alex on for Robyn. I have two questions. One, can you give us a sense of how much was spent on clinical development in Telavant since its creation? And number two, on Immunovant, given the number of potential indications that the FcRns can go into and the competition in the space, and now that you have more cash in hand, how do you think about the balance between initiating new clinical trials in parallel versus focusing on ones already in development, indication standpoint? Thanks.
Yeah, thanks. So on the first question, the short answer is we've, to date, spent approximately $50 million on sort of in totality on the 3101 program, since we took it on. On the second question, we've talked a little bit about indication expansion in other forums, including Pete talked about it, when they put out the original data, and I think Immunovant will continue to comment on it. I guess the one thing I'd say is, again, we believe that IMVT-1402 is a potentially best-in-class anti-FcRn antibody, and we are encouraging Immunovant to think very hard about all of the different paths that would maximize capture of what a best-in-class anti-FcRn antibody can do, which obviously includes breadth and indication space.
Great. Thanks so much, and congrats on the deal.
Thank you.
Thank you. Our next question coming from the line of Douglas Tsao with H.C. Wainwright. Your line is open.
Hi, good morning, and congrats on the deal. Matt, obviously, as a company, you have been very disciplined about monetizing assets, not only just bringing them in. How do you think... And obviously, you've done this with the TL1A. I guess, how do you think about that and balance that versus sort of what you spoke about, sort of how Roche was better able to advance RVT-3101, you know, versus you? You know, if you're always selling assets sort of as they get these later stages of development, you don't necessarily are able to build those, that capability. And so how do you think about that, or is that a problem that sort of will solve itself over time?
Yeah, thanks, Doug. I think it's a good question. Look, first of all, I want to be clear. I think we could have done a great job developing 3101. I don't, I think Roche will also do a great job developing 3101. Sitting here right now, even having done this deal, first of all, a tiny part of me would have enjoyed proving that we could do a great job with it, and I have great confidence in our team and the Telavant team to have done a great job with it.
So I don't know that I think Roche will necessarily do a, quote, unquote, "better job." What I think Roche can do in the context of us, A, needing capital, and B, having both this and FcRn and the rest of our pipeline, is Roche can bring whatever analogy you want, the bazookas to bear on speed and breadth immediately. And I think we always would have had to have made trade-offs on how broad to go with different places prior to doing this deal. But I don't think it is necessarily literally about capability. And remember, look, we're very proud of our track record here. We've run 10 consecutive positive phase III studies. We continue to do important development work. In terms of our plans, look, remember that we have commercialized products.
We have commercialized VTAMA. We continue to be flexible and thoughtful around each program in and of itself and around each opportunity in and of itself. And I think that's just who we are in our DNA. So we're going to keep doing that, and I believe there will be many more programs that we will commercialize, and there may be more that we will monetize as well. That's just where we're at. We're but to reiterate the point on capability, we are super proud of what the Telavant team has done, and we believe that we could do a great job with this or any program. And we continue to get better every time we do it.
And Matt, just one follow-up, if I may. Obviously, a focus for the company has been I&I, and obviously, you know, when we saw the 3101 data, there was a lot of excitement in terms of what you were building there. Does I&I remain a focus for you? Because it, you know, it seems like that is an area where you've had a lot of success and really building some critical mass. Even without 3101 , you still have a really great impressive portfolio in that space. Thank you.
Yeah, thanks. That's a, it's, it's a good question, and you and I have had this conversation before, and we had always dogmatically, stubbornly refused to characterize ourselves as solely or exclusively an I&I company. I think it's still true. We are going to go where we see the opportunity, and we believe we are built to develop drugs in whatever therapeutic area makes the most sense for patients and, and commercially, and so we'll keep doing that. We still have a great concentration in I&I. FcRn is one of the most important targets in I&I. TYK2 and JAK1 are two more of the most important targets in I&I. We have some terrific programs there, and we see more things on the racket inside and outside of I&I.
So I guess what I'd say is, I think we remain one of the most exciting I&I companies in biotech, and I think we will continue to look broadly inside and outside of I&I for future opportunities.
Okay, great. Thank you so much, and congrats on the deal.
Thank you. Our next question coming from the line of Yaron Werber with TD Cowen. Your line is open.
Hi, this is Joyce on for Yaron. Thanks for taking our questions. Could you talk about your plans to return capital to shareholders with dividends or any intentions to do stock buybacks? And then number two, maybe just a follow-up on the last question. You talked about your concentration in I&I. Can you just discuss maybe which other areas or which other asset profiles you might be interested in, in terms of in-licensing? Thank you.
So on the first question, thank you. And look, I appreciate the hunger for answers on our plans for deployment and return of capital, and I'm just going to reiterate what I said earlier, which is that we're going to be very patient. Also, the deal is signed, not closed, so we don't even have the capital to deploy yet, but we're going to be very patient and thoughtful. I'll say that. Yeah, that's all I'm going to say on sort of the capital deployment and return question now. We will come back to it, and we will be thoughtful about how we deploy capital, what mechanisms we use, et cetera. So I think that's all I've got to say on that right now.
In terms of your question, can I tell you what other therapeutic area or asset profiles we're interested in? I think the short answer to that question is, no, I'm not going to answer that now. And the main reason is, we see lots of things that we think are really great, and we're excited to talk more about them once they're in our hands. Thank you very much.
Thank you. I'm showing no further questions in the queue at this time. I'll turn the call back over to Mr. Gline for any closing remarks.
Great. Thank you, operator. Thank you, everybody, for listening. Thank you again to all of the many, many people at Roche and Pfizer, at Roivant, and at Telavant, for making this possible. Thank you to the folks who will continue to work on this program, including at Roivant and Telavant, in the coming months and year, as we work on transitioning it over to Roche. And, we look forward to getting back together. We'll be on a call for our quarter in just a few weeks, and, we have much more to come even this year. So thank you, everybody, and have a great day.
Ladies and gentlemen, that does conclude conference for today. Thank you for your participation. You may now disconnect.