Rigel Pharmaceuticals Closes License Agreement for VEPPANU with Arvinas and Pfizer
Rigel Pharmaceuticals announced the closing of its license agreement for VEPPANU, or vepdegestrant, following the early termination of the waiting period under the Hart-Scott Rodino Antitrust Improvements Act of 1976 and satisfaction of other customary closing conditions. Rigel previously announced it entered into an exclusive, global license agreement with Arvinas (ARVN) and Pfizer (PFE) to develop, manufacture and commercialize VEPPANU. VEPPANU is approved by the FDA for the treatment of adults with estrogen receptor-positive/human epidermal growth factor receptor 2-negative-estrogen receptor 1-mutated advanced or metastatic breast cancer, as detected by an FDA-authorized test, with disease progression following at least one line of endocrine therapy. The agreement is effective as of June 11 and Rigel has made the upfront payment of $70.0M to be distributed evenly between Arvinas and Pfizer, consistent with the terms of the agreement. Rigel expects to make VEPPANU commercially available in August.
