Rigel Enters Exclusive Licensing Agreement with Pfizer
After Rigel Pharmaceuticals (RIGL) announced it has entered into an exclusive global licensing agreement with Pfizer (PFE) and Arvinas (ARVN) for Veppanu for the treatment of ER+/HER2-, ESR1-mutated advanced or metastatic breast cancer following at least one line of therapy, H.C. Wainwright said Pfizer's decision to hand off to Rigel "makes strategic sense" given that the Phase 3 data support a more focused ESR1-mutated opportunity rather than the broader all-comer ER+/HER2- market. For Rigel, "even a meaningful share of this focused market could be highly impactful," says the analyst, who reiterates a Buy rating and $57 price target on Rigel shares.
