Pfizer, Arvinas sell recently approved breast cancer drug to Rigel for $35 million

Pfizer and its partner Arvinas have agreed to transfer the commercial rights of a breast cancer therapy to Rigel Pharmaceuticals.

The drug had just received regulatory approval, marking a milestone for the collaboration.

The transaction values the asset at $35 million, a steep drop from the $1 billion Pfizer originally invested in its development.

Analysts view the deal as a disappointing outcome for both companies, highlighting the challenges of bringing new oncology drugs to market.