Arvinas and Pfizer license newly approved PROTAC breast cancer drug Veppanu to Rigel Pharmaceuticals

Arvinas and Pfizer have signed a licensing agreement that transfers ownership of their newly approved breast cancer drug, Veppanu, to San Francisco‑based Rigel Pharmaceuticals.

The deal gives Arvinas and Pfizer $75 million upfront, an additional $15 million after certain transition milestones, and potential future payments of up to $320 million plus sales royalties.

Rigel receives global rights to Veppanu, the first PROTAC therapy cleared by the U.S. FDA for a common form of breast cancer, and may seek additional partners for non‑U.S. markets.

The agreement ends months of uncertainty about the drug’s commercial path and positions Rigel to advance its development and market launch.