
Swiss pharma giant Roche on Monday said it would buy Telavant, an immunology company developing a promising treatment for inflammatory bowel disease, in a deal worth more than $7 billion, as the company tries to bolster its drug pipeline following a string of bruising late-stage failures last year. The deal is worth up to $7.25 billion, Roche said, with an upfront payment of $7.1 billion and up to $150 million in a near-term milestone payment. It will give Roche the rights to develop, manufacture and commercialize Telavant’s experimental antibody therapy,...