ARVN · Arvinas, Inc.

Arvinas and Pfizer have out-licensed their FDA-approved PROTAC estrogen receptor degrader VEPPANU to Rigel Pharmaceuticals, transferring exclusive global rights for development, manufacturing, and commercialization. This strategic transaction provides Arvinas with immediate non-dilutive capital through a $70 million upfront payment (Arvinas share: $35 million) and $15 million upon transition milestones, bolstering its cash position to fund its early-stage pipeline including ARV-102, ARV-806, ARV-393, and ARV-027. Rigel assumes responsibility for U.S. launch and global commercialization, with sublicensing flexibility outside the U.S., while contributing up to $40 million to ongoing development activities currently managed by Arvinas and Pfizer. Investors benefit from long-term value through shared mid-teens to mid-20s royalties on net sales and up to $320 million in milestones, replacing prior unearned obligations under the 2021 Pfizer collaboration. The deal aligns with CEO Randy Teel's vision to unlock VEPPANU's commercial potential efficiently, enabling Arvinas to focus on next-generation PROTAC innovations. Closing hinges on HSR antitrust clearance, with the agreement's full terms to be filed in the Q2 2026 10-Q.