Myovant Sciences MYOV Shares,
rose 16% in the premarket trade on Monday, after its parent Sumitovant Biopharma said Myovant would partner with Pfizer Inc. FE,
to jointly develop a treatment for men’s and women’s cancer in a business worth up to $ 4.2 billion in initial and potential reference payments. Myovant will receive a $ 650 million advance payment to develop relugolix, an oral hormone receptor antagonist that releases oral gonadotropin 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 US and Canada, with the exception of some Asian countries. Myovant is one of the five companies under the Sumitovant umbrella. “Myovant and Pfizer will jointly develop and market ORGOVYX (TM) (relugolix) in advanced prostate cancer and, if approved, the combined relugolix tablet (relugolix 40 mg, estradiol 1.0 mg and norethindrone acetate 0.5 mg) in the health of women in the US 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 shares were slightly larger premarket and won 0 , 4% this year so far, while the S&P 500 SPX,
gained 15%.