Pharma BD Deal Intelligence
A $2.4B licensing deal (up to $650M upfront) that gave Pfizer 50/50 US rights to vepdegestrant, Arvinas's oral PROTAC estrogen receptor degrader for ER+/HER2- metastatic breast cancer—a bet on a novel protein-degradation mechanism reaching patients who progress on existing endocrine therapy.
Arvinas and Pfizer enter up to $2.4bn deal to develop breast cancer drug ARV-471 vepdegestrant an oral PROTAC estrogen receptor protein degrader.
Arvinas Form 8-K exhibit: FDA approval of VEPPANU (vepdegestrant), May 1, 2026.
May 12, 2026: Arvinas and Pfizer out-licensed exclusive GLOBAL development, manufacturing and commercialization rights for VEPPANU to Rigel Pharmaceuticals.…
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Pfizer and Arvinas entered a global collaboration to develop and commercialize ARV-471 (now vepdegestrant), an oral PROTAC estrogen receptor protein degrader for the treatment of breast cancer. Pfizer paid $650M upfront and Arvinas is eligible for up to $1.4B in milestone payments plus tiered royalties. Development costs and US profits are shared 50/50.
290K US cases/yr · $18.0B Global Breast Cancer Market (2024)
ER+/HER2- breast cancer is the most common subtype. ESR1 mutations emerge in ~40% of patients after CDK4/6 inhibitor treatment, driving resistance. Vepdegestrant is a PROTAC estrogen receptor degrader offering complete ER elimination rather than just blocking, with NDA filed for June 2026 PDUFA.
VERITAC-2 Phase 3 met its primary endpoint in ESR1-mutated ER+/HER2- patients previously treated with CDK4/6i plus endocrine therapy (HR 0.57; 43% reduction in progression/death vs fulvestrant). The FDA approved vepdegestrant as VEPPANU on May 1, 2026 — the first approved PROTAC degrader. In September 2025 Pfizer and Arvinas restructured the collaboration to out-license the asset, and on May 12, 2026 granted exclusive global rights to Rigel Pharmaceuticals, with Arvinas and Pfizer retaining a 50/50 share of upfront, milestone and royalty economics.
Pfizer paid $650M upfront for co-development of vepdegestrant (ARV-471), oral PROTAC ER degrader for breast cancer.
First PROTAC to succeed in Phase 3. Significant PFS improvement in ESR1m ER+/HER2- breast cancer.
Partners jointly agreed to out-license vepdegestrant commercialization to a third party rather than co-commercialize; Arvinas also announced >$100M annual cost savings, an additional 15% workforce cut, and a $100M share buyback.
FDA approved vepdegestrant (brand VEPPANU) for ESR1m, ER+/HER2- advanced/metastatic breast cancer after >=1 line of endocrine therapy. First FDA-approved PROTAC degrader. VERITAC-2: HR 0.57, 43% reduction in risk of progression/death vs fulvestrant; mPFS 5.0 vs 2.1 months.
Arvinas and Pfizer granted Rigel exclusive global development, manufacturing and commercialization rights to VEPPANU: $70M upfront + $15M transition + up to $320M milestones + tiered mid-teens-to-mid-20s royalties, all split 50/50 between Arvinas and Pfizer; Rigel to contribute up to $40M to ongoing development.
NDA accepted by FDA (PDUFA June 5, 2026). First PROTAC degrader approaching approval. Landmark deal.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Pfizer Inc. / Arvinas, Inc. (this deal) | 2021 | $2.4B | 77 |
| Pfizer Inc. / BioNTech SE | 2020 | $748M | 100 |
| Pfizer Inc. / FoldRx Pharmaceuticals | 2010 | — | 99 |
| Pfizer Inc. / Medivation Inc. | 2016 | $14.0B | 86 |
| Pfizer Inc. / Wyeth | 2009 | $68.0B | 86 |
| Pfizer Inc. / Warner-Lambert Company | 2000 | $90.0B | 83 |
| Pfizer Inc. / Seagen Inc. | 2023 | $43.0B | 77 |
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