At a Glance
- Licensee: Rigel Pharmaceuticals
- Licensors: Pfizer and Arvinas
- Upfront payment: $85 million ($70M + $15M near-term)
- Focus area: ESR1-mutated ER+/HER2- breast cancer
- Next steps: Global commercial launch
What happened?
Rigel Pharmaceuticals entered an exclusive global licensing agreement with Pfizer and Arvinas for Veppanu (vepdegestrant), the first FDA-approved oral PROTAC for second-line-plus ER+/HER2-, ESR1-mutated advanced or metastatic breast cancer. Rigel gains full rights to develop, manufacture and commercialise the drug worldwide.
Why does it matter?
Veppanu targets ESR1 mutations, which drive resistance in up to 50% of HR+ breast cancers and limit existing endocrine therapies. As the first approved PROTAC degrader, it offers a novel degradation mechanism that could improve outcomes in this hard-to-treat population.
Who’s behind it?
Rigel Pharmaceuticals (US) takes over from Pfizer and Arvinas, who co-developed Veppanu. Arvinas pioneered PROTAC technology; Pfizer partnered on vepdegestrant’s clinical development. Both retain royalties and milestones.
How was it achieved?
Deal value reaches ~$445M including $85M upfront payments, up to $360M in milestones, and tiered royalties. Veppanu was FDA-approved just before the agreement, enabling Rigel to leverage existing data for immediate commercialisation.
What’s next?
Rigel plans global launch activities, manufacturing scale-up and potential label expansions. Pfizer and Arvinas shift focus to core pipelines while earning future value from Veppanu’s sales.