Benzinga | Jul 22, 2021 07:20AM EDT

Arvinas and Pfizer Announce Global Collaboration to Develop and Commercialize PROTAC Protein Degrader ARV-471; Arvinas To Receive $650M Upfront In Addition To A Potential $1.4B In Milestone Payments

-- Collaboration combines Arvinas' investigational estrogen receptor-targeting breast cancer therapy with Pfizer's deep experience in breast oncology therapeutics --

-- ARV-471 is currently in Phase 2 development for the treatment of patients with locally advanced or metastatic ER+/HER2- breast cancer --

-- Arvinas to receive $650 million in an upfront payment, in addition to a potential $1.4 billion in milestone payments; profits and costs to be shared 50/50 worldwide --

-- Pfizer to complete a $350 million equity investment in Arvinas --