Myovant Soars on $4.2 Billion Pfizer Prostate-Cancer Deal (1)

Myovant Inc. soared after it agreed to collaborate with Pfizer Inc. on developing and commercializing a prostate cancer drug in a deal worth as much as $4.2 billion.

The companies will jointly develop and commercialize Myovant’s Orgovyx in advanced prostate cancer and, if approved, a combination tablet including the drug in women’s health, according to a statement Monday. The deal includes a $650 million upfront payment to Myovant and other payments for reaching regulatory and commercial goals.

Myovant shares were up 29.8% to $29.52 at 9:38 a.m. in New York Trading. Pfizer was little changed.

The U.S. Food and Drug ...