- Myovant Sciences Ltd (NYSE:MYOV) and Accord Healthcare Ltd have entered into an exclusive license agreement to commercialize Orgovyx (relugolix) for advanced hormone-sensitive prostate cancer in the European Economic Area, the U.K., Switzerland, and Turkey.
- Accord has the right to the first negotiation if Myovant decides to enter into licensing arrangements in countries in the Middle East, Africa, and India.
- Under the agreement terms, Myovant will receive an upfront payment of $50 million and is eligible to receive commercial launch, sales-based, and other milestones totaling up to $90.5 million.
- Related: Here's Why This Analyst Is On Sidelines Despite European Approval Of Myovant's Relugolix For Prostate Cancer.
- In addition, Myovant is eligible to receive tiered royalties from the high-teens to mid-twenties on net sales.
- Myovant will continue to lead the global development of relugolix and provide initial product supply to Accord.
- Accord will be responsible for certain local clinical development and all commercialization for its territories and has the option to manufacture relugolix in the future.
- Price Action: MYOV shares traded 0.92% lower at $8.60 during premarket trading on Monday's last check.
