Shares of Myovant Sciences MYOV,
rose 16% in premarket trading Monday, after parent company Sumitovant Biopharma said Myovant will partner with Pfizer Inc.PFE,
to jointly develop a treatment for cancer in men and women in a deal worth up to $ 4.2 billion in upfront and potential milestone payments. Myovant will receive a $ 650 million upfront payment to develop relugolix, a once-daily oral gonadotropin-releasing hormone receptor antagonist for use in oncology and women’s health in the US and Canada. Pfizer has the exclusive right to market 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, the relugolix combination tablet (relugolix 40 mg, estradiol 1.0 mg and norethindrone acetate 0.5 mg) for women’s health in the US and Canada, ”the companies said in a joint statement. The US Food and Drug Administration approved Orgovyx as a treatment for advanced prostate cancer on Dec. 18. increased 0.4%, while the S&P 500 SPX,
has won 15%.