Arvinas and Pfizer Enter into a Transaction with Rigel Pharmaceuticals for the Exclusive Global Rights of VEPPANU (vepdegestrant)

Arvinas and Pfizer have entered into a license agreement with Rigel Pharmaceuticals for the exclusive global rights of VEPPANU (vepdegestrant), the first FDA-approved PROTAC. The deal includes an upfront payment of $85 million and the potential for up to $320 million in future milestone payments, as well as tiered royalties in the mid-teens to mid-20s. Rigel will be responsible for the commercialization of VEPPANU in the U.S. and will own global rights, with the ability to sublicense outside the U.S.

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