Arvinas Shares Rise 10% After Collaboration Deal With Pfizer
July 22 2021 - 1:19PM
Dow Jones News
By Chris Wack
Arvinas Inc. shares were up 10% to $85.17 Thursday after the
company said it and Pfizer Inc. entered into a global collaboration
to develop and commercialize ARV-471, an investigational oral
Proteolysis Targeting Chimera estrogen receptor protein degrader, a
well-known disease driver in most breast cancers.
The companies said ARV-471 is currently in a Phase 2 dose
expansion clinical trial for the treatment of patients with
estrogen receptor positive/human epidermal growth factor receptor 2
negative locally advanced or metastatic breast cancer.
Under the terms of the agreement, Pfizer will pay Arvinas $650
million upfront. Pfizer will also make a $350 million equity
investment in Arvinas. The companies will equally share worldwide
development costs, commercialization expenses, and profits.
ARV-471 currently is being evaluated as a treatment for
metastatic breast cancer in a Phase 1 dose escalation study, a
Phase 1b combination study with Pfizer's Ibrance palbociclib, and a
Phase 2 monotherapy dose expansion study. Arvinas and Pfizer expect
to initiate two additional trials of ARV-471 in 2021, including a
second Phase 1b combination trial with everolimus and a trial in
the neoadjuvant setting.
Arvinas is also eligible to receive up to $400 million in
approval milestones and up to $1 billion in commercial milestones,
in addition to sharing profits on ARV-471 worldwide.
Truist Securities raised its price target for Arvinas to $170
from $150 a share, while maintaining its buy recommendation.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
July 22, 2021 13:09 ET (17:09 GMT)
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