Rigel Pharmaceuticals Enters Global License Agreement for VEPPANU with Arvinas and Pfizer

Rigel Pharmaceuticals (RIGL) announced that it has entered into an exclusive, global license agreement with Arvinas (ARVN) and Pfizer (PFE), subject to regulatory clearance, to develop, manufacture and commercialize VEPPANU, the first and only U.S. FDA-approved oral PROteolysis TArgeting Chimera. PROTACs are part of a new class of heterobifunctional protein degraders designed to harness the body's natural machinery to selectively degrade, rather than inhibit, disease-causing proteins. Under the terms of the agreement, Rigel will be granted exclusive global rights to develop, manufacture and commercialize VEPPANU. Arvinas and Pfizer will receive an upfront payment of $70M and an additional $15M upon successful completion of certain development and manufacturing transition activities, to be distributed to Arvinas and Pfizer. Pfizer and Arvinas will continue to be responsible for current ongoing development activities and Rigel will contribute up to $40M towards certain development activities over the next four years. Arvinas and Pfizer are entitled to receive tiered royalties on commercial sales of VEPPANU ranging from mid-teens to mid-twenties. Arvinas and Pfizer are also eligible to receive a total of up to an additional $320M in connection with the achievement of certain regulatory and commercial milestones. Rigel will be responsible for the launch and commercialization of VEPPANU in the U.S. and has global rights with the ability to sublicense to potential partners to further develop and commercialize vepdegestrant outside the U.S. Arvinas and Pfizer will be entitled to a percentage of sublicensing revenue generated outside the U.S. The effectiveness of the agreement is subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act, and is expected to close in mid-June 2026.