May 12 (Reuters) – Rigel Pharmaceuticals said on Tuesday it has struck a global licensing deal for Arvinas and Pfizer’s recently approved breast cancer drug, marking Rigel’s fourth commercial product on the market.
Shares of Rigel were up over 5% in premarket trading.
Here are some details:
• Rigel will be granted full exclusive rights to develop, manufacture and commercialize Arvinas and Pfizer’s breast cancer drug, Veppanu.
• Arvinas and Pfizer will receive $70 million up front and another $15 million after certain transition activities are completed.
• The drug was approved this month for patients with advanced breast cancer whose tumors carry a specific genetic mutation.
• Pfizer and Arvinas are also eligible for up to $320 million in future regulatory and commercial milestone payments, as well as royalties on sales.
• The FDA approval was based on a late-stage trial of 624 participants that showed Veppanu helped patients survive for longer periods without their breast cancer worsening, compared with the older hormone therapy, fulvestrant.
• Pfizer and Arvinas will continue ongoing development activities and Rigel will contribute up to $40 million toward certain development work over the next four years, Rigel said.
• The agreement is subject to customary closing conditions, including U.S. antitrust clearance, and is expected to close in mid-June.
(Reporting by Padmanabhan Ananthan in Bengaluru; Editing by Sahal Muhammed)
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