Myovant Sciences MYOV shares,
skyrocketed 16% in pre-market trade on Monday after its parent, Sumitovant Biopharma, said Myovant will work with Pfizer Inc. PFE,
to jointly develop cancer treatment for men and women in a business of up to $ 4.2 billion in initial and potential payments. Myovant will receive an initial payment of $ 650 million to develop relugolix, an oral gonadotropin-releasing hormone receptor antagonist once daily for use in oncology and women’s health in the United States and Canada. Pfizer will have the exclusive right to market relugolix in oncology outside the United States and Canada, except for some Asian countries. Myovant is one of five companies under the umbrella of Sumitovant. “Myovant and Pfizer will jointly develop and market ORGOVYX (TM) (relugolix) in advanced prostate cancer and, if approved, relugolix combination tablet (relugolix 40 mg, estradiol 1.0 mg and norethindrone acetate 0.5 mg) in women’s health in the U.S. and Canada, “the companies said in a joint statement. The US Food and Drug Administration approved Orgovyx on December 18 as a treatment for advanced prostate cancer. Pfizer’s shares were slightly higher in the pre-market and gained 0.4% for the year to date, while the S&P 500 SPX,
earned 15%.
