Rigel Pharmaceuticals (NASDAQ: RIGL) has announced that it has entered into an exclusive, global license agreement with Arvinas (NASDAQ: ARVN) and Pfizer (NYSE: PFE), subject to regulatory clearance, to develop, manufacture and commercialize VEPPANU, the first and only FDA-approved oral PROteolysis TArgeting Chimera (PROTAC).
Under the terms of the agreement, Rigel will be granted exclusive global rights to develop, manufacture and commercialize VEPPANU. Arvinas and Pfizer will receive an upfront payment of $70 million and an additional $15 million upon successful completion of certain development and manufacturing transition activities, to be distributed to Arvinas and Pfizer.
In a statement, Raul Rodriguez, president and CEO of Rigel, commented, “Our transformational growth strategy took a significant step forward today as we plan to enter a targeted segment of the sizable breast cancer market, focused on patients with limited treatment options following progression on endocrine therapy. With its novel mechanism of action designed to address a key driver of resistance, VEPPANU represents a compelling treatment option within this setting. Importantly, we are well positioned to advance this important new treatment, supported by a highly experienced commercial and medical affairs organization and a proven track record of successfully launching newly-acquired assets. VEPPANU is expected to contribute strong revenue growth in our expanding commercial portfolio, and we believe it has the potential to become a meaningful driver of long-term growth for Rigel.”
