Arvinas snags another Big Pharma deal
Adding another Big Pharma to its licensing deals, US biotech Arvinas (Nasdaq: ARVN) today announced it has entered an exclusive strategic license agreement with Swiss pharma giant Novartis (NOVN: VX). Arvinas’ shares advanced 5.3% to $38.68 on the news.
Novartis will gain worldwide rights for the development and commercialization of ARV-766, Arvinas’ second generation PROTAC androgen receptor (AR) degrader for patients with prostate cancer. The transaction also includes an asset purchase agreement for the sale of Arvinas’ pre-clinical AR-V7 program to Novartis.
Under the terms of the transaction agreements, Novartis will be responsible for worldwide clinical development and commercialization of ARV-766 and will have all research, development, manufacturing, and commercialization rights with respect to the preclinical AR-V7 program.
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