Bayer and Arvinas ink deal on human PROTAC therapies
Adding to a list of significant collaborations with big pharma, USA-based biotech Arvinas (Nasdaq: ARVN) has now signed a collaboration with German pharma major Bayer (BAYN: DE), with the news sending the US firm’s share up more than 8% to $21.66 in early trading today.
The companies have entered an agreement to leverage Arvinas’ novel PROTAC protein degrader technology to develop new human therapeutics for patients with cardiovascular, oncological, and gynecological diseases.
In addition, Bayer and Arvinas will jointly launch a new company to leverage Arvinas’ PROTAC technology for agricultural applications. The overall series of arrangements includes over $110 million in upfront cash and committed funding for the human disease collaboration, the agricultural joint venture, and a direct equity investment by Bayer in Arvinas.
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