Shares of Roivant Sciences (NASDAQ: ROIV) were up more than 10% on Thursday. The stock closed on Wednesday at $5.36, then opened on Thursday at $5.75. The stock got as high as $5.92 shortly after 2 p.m. ET. It has a 52-week high of $16.76 and a 52-week low of $2.52. Roivant stock is down more than 42% so far this year.

Roivant is a biopharmaceutical company that specializes in using its platform to launch what it calls "Vants" -- focused biopharmaceutical and health technology companies. The company has built more than 20 such portfolio companies.

Roivant and Pfizer announced on Thursday they are creating a new company to develop and market Roivant's RVT-3101, which is in a phase 2b clinical study to treat ulcerative colitis. The company will be a subsidiary of Roivant and Pfizer will own 25% of it and have the commercialization rights overseas for RVT-3101. The news pushed Roivant briefly up by 10% and also drove Pfizer slightly higher.

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Source Fool.com