Arvinas, Pfizer Announce $2.4B Licensing Agreement For Protein-Degrader Based Breast Cancer Therapy

  • Arvinas Inc ARVN and Pfizer Inc PFE have collaborated to develop and commercialize ARV-471, an investigational oral PROTAC (PROteolysis TArgeting Chimera) estrogen receptor protein degrader. 
  • The estrogen receptor is a well-known disease driver in most breast cancers. 
  • ARV-471 is currently in a Phase 2 dose expansion trial for estrogen receptor ER+/HER2- locally advanced or metastatic breast cancer. 
  • Under the terms of the agreement, Pfizer will pay Arvinas $650 million upfront and make a $350 million equity investment, equivalent to a 7% stake in Arvinas.
  • The companies will equally share worldwide development costs, commercialization expenses, and profits.
  • Arvinas is also eligible to receive up to $400 million in approval milestones and up to $1 billion in commercial milestones, in addition to sharing profits on ARV-471 worldwide.
  • The Companies will initiate two additional trials of ARV-471 in 2021, including a second Phase 1b combination trial with everolimus and a trial in the neoadjuvant setting. 
  • In 2022, Arvinas and Pfizer expect to initiate Phase 3 studies across lines of therapy in metastatic breast cancer, including combinations with Ibrance, followed by pivotal studies in the early breast cancer setting. 
  • Price Action: ARVN shares are up 7.09% at $83.05, while PFE shares are down 0.05% at $41.02 during the premarket session on the last check Thursday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: BiotechNewsHealth CareContractsMoversTrading IdeasGeneralbreast cancerBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!