Arvinas and Pfizer Secure $85M Upfront in Rigel Deal for VEPPANU Rights
Event summary
- Arvinas and Pfizer receive $85M upfront from Rigel for global rights to VEPPANU (vepdegestrant), an FDA-approved PROTAC therapy for advanced breast cancer.
- Deal includes $320M in potential milestones and mid-teens to mid-20s tiered royalties on net sales, split evenly between Arvinas and Pfizer.
- Rigel will commercialize VEPPANU in the U.S. and can sublicense globally, with Arvinas and Pfizer entitled to a percentage of sublicensing revenue.
- Transaction closing is subject to regulatory approvals, including Hart-Scott-Rodino Antitrust Act clearance.
- VEPPANU added to NCCN Clinical Practice Guidelines for Breast Cancer on May 8, 2026.
The big picture
This deal marks a strategic shift for Arvinas and Pfizer, offloading commercialization responsibilities to Rigel while retaining financial upside. The transaction underscores the growing interest in PROTAC therapies, particularly in targeted oncology treatments. With $85M upfront and potential milestone payments, the partnership could significantly bolster Arvinas and Pfizer's balance sheets, enabling further investment in their protein degradation platforms.
What we're watching
- Commercial Execution
- Whether Rigel can successfully launch and commercialize VEPPANU in the competitive oncology market.
- Pipeline Focus
- How Arvinas and Pfizer will allocate the upfront and milestone payments to advance their early-stage pipeline.
- Regulatory Momentum
- The pace at which VEPPANU gains broader regulatory approvals and inclusion in clinical guidelines beyond the U.S.
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