Arvinas (ARVN.US) announced that it has reached an exclusive strategic licensing agreement with Novartis/NVS.us (Novartis/NVS.us).
The Zhitong Finance App learned that Arvinas (ARVN.US) announced that it has reached an exclusive strategic licensing agreement with Novartis/NVS.us (Novartis/NVS.us). Novartis will receive up to $1.01 billion to develop and commercialize Arvinas second-generation androgen receptor (AR) targeted protein-degrading chimer (PROTAC) ARV-766 on a global scale. Novartis also obtained AR-v7, another pre-clinical AR-targeted proTAC degrading agent from Arvinas.
Under the terms of the transaction agreement, Novartis will be responsible for the global clinical development and commercialization activities of the ARV-766, and will have all research, development, manufacturing and commercialization rights related to the pre-clinical AR-V7 project. Arvinas will receive a total of $150 million in advance payments. Under the license agreement, Arvinas is eligible for up to $1.01 billion in additional development, regulatory and commercial milestone payments.