Myovant Up on $4.2B Pfizer Pact to Develop Prostate-Cancer Drug

Myovant Sciences (MYOV) - Get Report was higher Monday after the biopharma and Pfizer (PFE) - Get Report said they would collaborate on a prostate-cancer treatment, an agreement valued at as much as $4.2 billion.

Shares of the Switzerland-based company at last check were climbing 19% at $27.10. Pfizer, the New York health-care giant, was up 0.4% at $37.41.

Under the agreement, the companies will develop and commercialize Myovant’s Orgovyx in advanced prostate cancer and, if approved, a combination tablet that includes relugolix, the active ingredient in Orgovyx, in women’s health in the U.S. and Canada.

The U.S. Food and Drug Administration has approved Orgovyx, generically relugolix, to treat adults with advanced prostate cancer. The FDA is reviewing the combination tablet for women with uterine fibroids, with the agency targeted to take action on the matter June 1.

The combination tablet is also under development for women with endometriosis. A new-drug application is expected to be submitted in the first half.

The two companies said they would be copromoting the drug early next year. They'll equally share profit and certain expenses for Orgovyx and the combination tablet with Myovant recording revenue.

Myovant will remain responsible for regulatory interactions and drug supply and continue to lead clinical development for the combination tablet.

Myovant will receive up to $4.2 billion, including an up-front payment of $650 million and $200 million in potential regulatory milestones for FDA clearances for the combination tablet in women’s health.

The company will receive tiered sales milestones upon reaching certain thresholds up to $2.5 billion in net sales for prostate cancer and also for the combined women’s health indications.

Pfizer will receive an exclusive option to commercialize the drug in oncology outside the U.S. and Canada, excluding certain Asian countries.

Pfizer has a strong track record across oncology and women’s health, Myovant Sciences Chief Executive Lynn Seely said in a statement.

Source:https://www.thestreet.com/investing/myovant-up-on-4-2-billion-on-pfizer-prostate-cancer-plan

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