Rigel Licenses Pfizer and Arvinas Cancer Drug Veppanu
Rigel Pharmaceuticals has secured global rights to the breast cancer drug Veppanu from Pfizer and Arvinas. The deal includes a $70 million upfront payment.
RIGEL PHARMACEUTICALS INC secured exclusive global rights to a breast cancer drug from PFIZER INC and ARVINAS INC on May 12. The deal adds a fourth commercial product to Rigel's portfolio and sent its shares up over 5% in premarket trading. The expansion into advanced breast cancer treatments diversifies Rigel's revenue stream beyond its existing niche therapies.
### Terms of the Veppanu Acquisition Rigel will pay $70 million upfront for the rights to develop, manufacture, and commercialize Veppanu. An additional $15 million is due upon the completion of transition activities. Pfizer and Arvinas remain eligible for up to $320 million in future regulatory and commercial milestones plus sales royalties.
