Shares of Myovant Sciences MYOV,
rose 20% in pre-trading on Monday, after Sumitovant Biopharma, the parent, said Myovant would partner with Pfizer Inc. PFE works,
to jointly develop a treatment for prostate cancer and women’s health in an agreement worth up to $ 4.2 billion in advance and potential milestone payments. Myovant previously received $ 650 million for the development of relugolix, a single, oral gonadotropin-releasing hormone receptor antagonist for oncology and women’s health in the US and Canada. Pfizer has the exclusive right to commercialize relugolix in oncology outside the US and Canada, with the exception of some Asian countries. Myovant is one of five companies under the Sumitovant umbrella. Myovant and Pfizer will jointly develop and commercialize ORGOVYX (TM) (relugolix) in advanced prostate cancer and, if approved, a 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 U.S. Food and Drug Administration approved Orgovyx as a treatment for advanced prostate cancer on Dec. 18. Pfizer shares were slightly higher than the pre-market and rose during the year up 0.4% so far, while the S&P 500 SPX,
achieved 15%.
