Why Myovant Sciences Stock Is Soaring Today
Shares of Myovant Sciences (NYSE: MYOV) were soaring 26.7% as of 11:17 a.m. EST on Monday. The big gain came after Myovant and Pfizer (NYSE: PFE) announced a collaboration to develop and market relugolix in the U.S. and Canada in women's health and as a treatment for prostate cancer.
Investors liked the financial impact for Myovant. The company will receive an up-front payment from Pfizer of $650 million. It's also eligible for $200 million in payments contingent on achieving regulatory milestones. Myovant also will receive tiered sales milestone payments based on reaching specified thresholds of up to $2.5 billion in net sales for relugolix. The two companies will split profits equally on sales of the drug.
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Source Fool.com
