Arvinas, Inc. (ARVN) has entered into an exclusive strategic license agreement with Novartis (NVS) for the worldwide development and commercialization of ARV-766, the company's second generation PROTAC androgen receptor degrader for patients with prostate cancer. The deal includes an asset purchase agreement for the sale of Arvinas' preclinical AR-V7 program to Novartis. Novartis will be responsible for worldwide clinical development and commercialization of ARV-766 and will have all research, development, manufacturing, and commercialization rights with respect to the preclinical AR-V7 program.
Arvinas will receive an upfront payment in the aggregate amount of $150.0 million. The company is eligible to receive additional development, regulatory, and commercial milestones of up to $1.01 billion, as well as tiered royalties for ARV-766.
Shares of Arvinas are up 6% in pre-market trade on Thursday.
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