ARVINAS, INC. 8-K

What Happened
Arvinas, Inc. announced that its license agreement with Rigel Pharmaceuticals for VEPPANU™ (vepdegestrant), originally signed May 11, 2026 with Pfizer, became effective after Hart‑Scott‑Rodino clearance was granted on June 11, 2026. As a result, Rigel paid an aggregate $70.0 million upfront to Arvinas and Pfizer, and the parties are eligible for additional payments tied to transition activities, development, regulatory and commercial milestones.

Key Details

• License agreement originally entered May 11, 2026; HSR clearance received June 11, 2026, triggering effectiveness.
• Rigel paid $70.0 million upfront (aggregate); payments are distributed evenly between Arvinas and Pfizer (Arvinas’ share ≈ $35.0M).
• An additional $15.0 million is payable upon completion of select development/manufacturing transition activities (Arvinas’ share ≈ $7.5M).
• Up to $320.0 million in contingent milestone payments are possible, plus tiered royalties in the mid‑teens to mid‑20s percentage on worldwide net sales (subject to reductions in certain circumstances).
• The milestones and royalties under this license replace any unearned future amounts that might have been owed by Pfizer under the parties’ July 21, 2021 collaboration.

Why It Matters
This transaction provides Arvinas with an immediate cash infusion (approximately $35M) and potential future revenue through milestone payments and royalties, shifting commercialization responsibility for VEPPANU to Rigel. For investors, the deal reduces reliance on Pfizer for future payments under the prior collaboration and creates clearer near‑term cash and longer‑term upside tied to Rigel’s development and commercial performance. The filing also notes standard forward‑looking risks (e.g., whether Rigel will successfully commercialize VEPPANU and whether milestones will be achieved).