This deal provides Arvinas with near-term cash ($42.5M upfront) and a path to monetize VEPPANU without bearing full commercialization costs. The NCCN guideline inclusion days before the deal strengthens the asset's value. Watch for HSR clearance timeline and any Rigel execution updates. The deal allows Arvinas to focus on its early-stage pipeline (ARV-102, ARV-806, ARV-393, ARV-027).
Price Chart
Executive Summary
Arvinas and Pfizer entered into a license agreement with Rigel Pharmaceuticals for exclusive global rights to VEPPANU (vepdegestrant), an FDA-approved PROTAC for ER+/HER2- breast cancer. Arvinas and Pfizer will receive $85 million in upfront and near-term payments, split evenly, with up to $320 million in milestones and tiered mid-teens to mid-20s royalties. Rigel takes over U.S. commercialization and owns global rights with sublicensing ability.
Key Financial Metrics
Key Facts
- Arvinas and Pfizer entered a license agreement with Rigel Pharmaceuticals for exclusive global rights to VEPPANU (vepdegestrant), an FDA-approved PROTAC for ER+/HER2- advanced breast cancer.
- Rigel will pay $70 million upfront and $15 million upon completion of select development/manufacturing transition activities, split evenly between Arvinas and Pfizer.
- Arvinas and Pfizer are eligible for up to $320 million in development, regulatory, and commercial milestone payments plus tiered royalties in the mid-teens to mid-20s on worldwide net sales.
- Rigel will contribute up to $40 million toward ongoing development activities.
- Closing is subject to HSR antitrust waiting period expiration or termination.
- VEPPANU was added to NCCN Guidelines as a Category 2A treatment option on May 8, 2026.
Financial Impact
Arvinas receives $42.5 million upfront (half of $85M) with potential for $160 million in milestones and tiered royalties. Deal replaces unearned future payments from Pfizer under the 2021 collaboration agreement.
Risk Factors
- HSR clearance may delay or block closing.
- Rigel's commercial execution risk for VEPPANU in a competitive breast cancer market.
- Milestone and royalty payments are contingent on future development and commercial success.
- Arvinas' share of payments is split 50/50 with Pfizer, reducing per-company upside.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-033874 |
| Document: arvn_veppanuxoutlicensex.htm | 0001628280-26-033874 |
| Document: 0001628280-26-033874-index-headers.html | 0001628280-26-033874 |
| Document: 0001628280-26-033874-index.html | 0001628280-26-033874 |
| Document: 0001628280-26-033874.txt | 0001628280-26-033874 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 4, 2026 28d ago | 144 | $9.08 $8.26 | ▼ −9.03% | ▼ −7.91% | $7.41 (−18.39%) |
Jun 22, 2026 14w ago | 8-K | $8.14 $8.29 | ▲ +1.84% | ▲ +0.83% | $7.41 (−8.97%) |
Jun 2, 2026 17w ago | 8-K | $7.70 $6.98 | ▲ +9.35% | ▲ +5.53% | $7.41 (+3.77%) |
May 12, 2026 20w ago | 8-K | $9.57 $8.78 | ▼ −8.26% | ▼ −8.33% | $7.41 (−22.57%) |
May 12, 2026 20w ago | 8-K | $9.57 $8.78 | ▼ −8.26% | ▼ −8.33% | $7.41 (−22.57%) |
May 12, 2026 20w ago | Press Release | $9.57 $8.78 | ▲ +8.26% | ▲ +8.33% | $7.41 (+22.57%) |
May 8, 2026 20w ago | 144 | $9.66 $8.78 | ▼ −9.11% | ▼ −9.02% | $7.41 (−23.29%) |
May 8, 2026 20w ago | 144 | $9.66 $8.78 | ▼ −9.11% | ▼ −9.02% | $7.41 (−23.29%) |
May 5, 2026 21w ago | Press Release | $10.61 $9.57 | ▲ +9.80% | ▲ +11.79% | $7.41 (+30.16%) |
May 1, 2026 22w ago | 8-K | $10.51 $10.19 | ▼ −3.04% | ▼ −5.39% | $7.41 (−29.50%) |
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