Arvinas and Pfizer license VEPPANU to Rigel for $85M upfront plus $320M milestones and royalties

Arvinas and Pfizer have entered a licensing deal with Rigel Pharmaceuticals granting Rigel exclusive global rights to develop, manufacture, and commercialize VEPPANU, the first FDA-approved PROTAC drug for certain advanced breast cancers. The deal includes $85 million upfront and transition payments, with potential for $320 million in milestone payments and tiered royalties on sales. Rigel will lead U.S. commercialization and can sublicense rights outside the U.S., sharing sublicensing revenues with Arvinas and Pfizer. This partnership aims to expand patient access to VEPPANU while allowing Arvinas and Pfizer to focus on advancing their drug pipeline.