(Updates to reflect stock price movement in the headline and body of the story.)

Teva Pharmaceutical Industries' (TEVA) US-listed shares jumped 23% in recent Tuesday trading after the company's co-developed drug duvakitug was found to benefit patients with inflammatory bowel disease.

Teva's US affiliate Teva Pharmaceuticals and Sanofi (SNY) said that a phase 2b study on duvakitug met primary endpoints in patients with ulcerative colitis and Crohn's disease, the most common forms of inflammatory bowel disease.

Sanofi's US-listed shares jumped 6.4% after the news.

The companies said 47.8% of ulcerative colitis patients treated with high-dose duvakitug achieved clinical remission at week 14 and 47.8% of Crohn's disease patients on high-dose duvakitug achieved endoscopic response.

Duvakitug was well tolerated, with adverse event rates similar between treatment and placebo groups, the companies added.

Teva and Sanofi said they plan to initiate a phase 3 trial after regulatory discussions. Detailed results of the phase 2b trial are expected to be presented in 2025, they added.

Price: 20.33, Change: +3.82, Percent Change: +23.11