Pharma BD Deal Intelligence
A rights-flip on a genuine breakthrough: Rigel is paying Arvinas and Pfizer $85 million near-term plus up to $320 million in milestones for VEPPANU, the first FDA-approved oral PROTAC, whose VERITAC-2 data showed 5.0 versus 2.1 months PFS — though the deal remained unclosed as of early June 2026.
Outcome grade pending — assessed 5 years post-close.
Full analysis, sources & comparables →In the Phase 3 VERITAC-2 clinical trial, vepdegestrant showed a median PFS of 5.0 months versus 2.1 months for fulvestrant, a 2.4-fold improvement (43% risk…
Rigel IR: agreement expected to close mid-June 2026, subject to customary closing conditions including HSR antitrust clearance. VEPPANU becomes Rigel's fourth…
Breast cancer drug VEPPANU shifts to Rigel in $85M Arvinas-Pfizer deal. The transition reflects Arvinas's pivot toward neurodegeneration PROTACs and Pfizer's…
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Rigel Pharmaceuticals entered a license agreement with Arvinas and Pfizer for the exclusive global development, manufacturing and commercialization rights to VEPPANU (vepdegestrant). Arvinas and Pfizer will receive $70 million upfront plus $15 million upon transition completion, with up to $320 million in development, regulatory and commercial milestones plus tiered royalties in the mid-teens to mid-20s, split evenly between Arvinas and Pfizer. Rigel will launch in the U.S. and owns global rights. The transaction is expected to close in mid-June 2026, subject to customary closing conditions including expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act; VEPPANU will become Rigel's fourth commercial product upon closing. As of early June 2026 the deal remains pending (not yet closed).
45K US cases/yr · $1.8B Estimated US 2L+ ESR1m ER+/HER2- mBC opportunity (Orserdu proxy + expansion)
ER+/HER2- breast cancer accounts for ~70% of metastatic breast cancer cases. ESR1 activating mutations emerge in ~30-40% of patients progressing on aromatase inhibitors, conferring constitutive ER activity and endocrine therapy resistance. PROTAC-mediated ER degradation provides a mechanistically distinct approach versus competitive degraders that act as antagonists (fulvestrant, elacestrant).
VEPPANU competes head-to-head with Stemline/Menarini's Orserdu (elacestrant), the only other FDA-approved oral SERD/degrader for ESR1m ER+/HER2- mBC. Pipeline competitors include AstraZeneca's camizestrant (Phase 3 SERENA-6), Roche's giredestrant, and additional SERDs/PROTACs. Rigel's commercial leverage hinges on PROTAC differentiation messaging and oncology field-force scaling beyond fostamatinib/Tavalisse.
Per Rigel IR, the VEPPANU license is expected to close in mid-June 2026, subject to customary closing conditions including expiration/termination of the HSR waiting period. As of 2026-06-07 the deal remains pending (no close announcement).
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Rigel Pharmaceuticals, Inc. / Arvinas, Inc. / Pfizer Inc. (this deal) | 2026 | $405M | — |
| Rigel Pharmaceuticals, Inc. / Blueprint Medicines Corporation | 2024 | $15M | — |
| AstraZeneca PLC / Daiichi Sankyo Company, Limited | 2019 | $6.9B | 100 |
| Novartis AG / Endocyte, Inc. | 2018 | $2.1B | 96 |
| Astellas Pharma Inc. / Seagen Inc. | 2009 | $4.5B | 95 |
| Bristol-Myers Squibb Company / Medarex Inc. | 2009 | $2.4B | 92 |
| Servier / Agios Pharmaceuticals (oncology) | 2020 | $2.0B | 91 |
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