On Monday, Roche announced it would be buying Televant, a biotechnology firm which has developed a new treatment for inflammatory bowel diseases. The firm will be sold for an initial $7.1 billion by American biopharmaceutical company Roivant Holdings and Pfizer Inc.

The deal will give Roche the rights to continue the development, manufacture, and commercialization of a new experimental antibody Televant has developed, RVT-3101, in the US and Japan.

Roche described RVT-3101 as a “promising” new therapy being developed for those who suffer from inflammatory bowel diseases, ulcerative colitis, and Crohn’s disease.

Nearly 8 million people are diagnosed with inflammatory bowel diseases, a group of chronic gastrointestinal disorders, worldwide, and 80 percent of those afflicted will not experience a lasting remission, according to Roche.

Roche noted, as the antibody prepares for an upcoming phase 3 trial, it also shows potential to be capable of treating multiple other inflammatory diseases.

Roche CEO Thomas Schinecker said, “We strongly believe this novel TL1A directed antibody has the transformational potential to make a significant difference for patients living with inflammatory bowel disease and potentially other diseases.”

“We are excited to add this promising new therapy in development to our portfolio and to make it available to patients as quickly as possible.”