Rigel Pharmaceuticals inks deal with Arvinas and Pfizer for breast cancer drug VEPPANU, shares jump 10.7%.

Rigel Pharmaceuticals has entered an exclusive global licensing agreement with Arvinas and Pfizer to develop and commercialize VEPPANU, an oral PROTAC drug for advanced breast cancer. The FDA recently approved VEPPANU for estrogen receptor-positive, HER2-negative, ESR1-mutated metastatic breast cancer, based on clinical trial data showing significant improvement in progression-free survival. Rigel plans to invest up to $40 million over four years in the drug's development and aims to launch it in the U.S. with potential global rights, which could drive substantial revenue growth. Following the announcement, Rigel's shares rose by over 10%.