MYOV - Myovant Sciences gains 22% on relugolix deal with Pfizer

Myovant Sciences (MYOV) jumps 22% premarket after collaborating with Pfizer (PFE) to develop and commercialize relugolix – a once-daily, oral gonadotropin-releasing hormone (GnRH) receptor antagonist – in oncology (prostate cancer) and women’s health in the U.S. and Canada.Pfizer will also receive an exclusive option to commercialize relugolix in oncology outside the U.S. and Canada, excluding certain Asian countries. Myovant will receive up to $4.2B, including an upfront payment of $650M, $200M in potential regulatory milestones, and tiered sales milestones.If Pfizer exercises the option to commercialize relugolix outside of the U.S. and Canada, Myovant will receive $50M and be entitled to receive double-digit royalties on sales.Myovant will remain responsible for regulatory interactions and drug supply and continue to lead clinical development for relugolix combination tablet (relugolix 40 mg, estradiol 1.0 mg, and norethindrone acetate 0.5 mg).The companies will begin co-promoting ORGOVYX for advanced prostate cancer in early 2021.

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Myovant Sciences gains 22% on relugolix deal with Pfizer