Myovant leaps 35% on Pfizer partnership for development of prostate-cancer drug

• Myovant shares gained as much as 35% on Monday after announcing a partnership with Pfizer to develop and commercialize a relugolix drug for the treatment of prostate cancer patients.
• Myovant and Pfizer are also awaiting regulatory approval for a relugolix combination drug that could treat patients with uterine fibroids and endometriosis.
• Myovant is up roughly 86% year-to-date as of Monday afternoon. Meanwhile, Pfizer dipped 1.3% on Monday, continuing its December sell-off that's likely led by investors taking vaccine profits before the year ends.
• Watch Myovant trade live here.

Shares of Myovant surged as much as 35% to $30 on Monday after the biopharmaceutical company announced a partnership with Pfizer to develop and commercialize a drug for the treatment of prostate cancer patients.

The drug, called Orgovyx, was approved by the FDA on December 18 for the treatment of adult patients with advanced prostate cancer. Myovant is also working on a relugolix combination tablet that could treat patients with endometriosis and uterine fibroids. That tablet is still awaiting FDA approval.

"We are thrilled to partner with Pfizer to unlock the full potential of ORGOVYX in advanced prostate cancer and relugolix combination tablet in uterine fibroids and endometriosis, advancing our mission to redefine care for women and for men," said Lynn Seely, Myovant CEO, in an announcement. "This transformative collaboration will significantly strengthen the upcoming launch of ORGOVYX and the potential launches of relugolix combination tablet in women's health, while substantially enhancing our financial position and enabling us to expand our pipeline of potential new medicines."

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Shares of Myovant are up roughly 86% year-to-date as of Monday afternoon. Meanwhile, Pfizer dipped 1.3% on Monday, continuing its December sell-off that's likely led by investors taking vaccine profits before the year ends.

Under the partnership, Myovant and Pfizer will jointly develop and commercialize Orgovyx and, if approved, the relugolix combination tablet in the US and Canada. The partnership is worth up to $4.2 billion, according to a statement from the companies.