Myovant shares rose 16%, as Pfizer’s anti-cancer drug transaction valued at US$4.2 billion

Myovant Sciences MYOV stock,
-1.09%
Parent company Sumitovant Biopharma said Myovant will work with Pfizer Inc., and the stock soared 16% in premarket trading on Monday.
-0.45%
Jointly develop a therapy for the treatment of male and female cancers, with a total transaction value of up to 4.2 billion US dollars, including upfront payments and potential milestone payments. Myovant will receive an upfront payment of US$650 million to develop relugolix, a once-a-day oral gonadotropin releasing hormone receptor antagonist used in oncology and women’s health in the United States and Canada. Pfizer will have the exclusive right to commercialize Relugolix outside of the United States and Canada in some Asian countries (regions). Myovant is one of five companies under Sumitovant. “Myovant and Pfizer will jointly develop and commercialize ORGOVYX (relugolix) for advanced prostate cancer, as well as approved relugolix combination tablets (relugolix 40 mg, estradiol 1

.0 mg and norethindrone acetate 0.5 mg ), and commercialize it, and commercialize it. Canada”, the two companies said in a joint statement. The US Food and Drug Administration approved Orgovyx as a treatment for advanced prostate cancer on December 18. The price of Pfizer’s stock in premarket trading is slightly higher and has risen 0.4% so far this year, while the S&P 500 SPX,
+ 0.35%
An increase of 15%.