Pfizer to pay at least $1 billion to develop, commercialize Arvinas’ investigational breast-cancer therapy

Shares of Arvinas Inc. ARVN, +10.19% were up 6.0% in premarket trading on Thursday after the company announced a billion-dollar deal with Pfizer Inc. PFE, +0.56% to develop and commercialize its experimental breast-cancer treatment. Pfizer will make a $650 million upfront payment to Arvinas, in addition to a $350 million equity investment. Separately, there are up to $1.4 billion in potential milestone payments. The therapy, ARV-471, is expected to move into Phase 3 clinical trials sometime next year. Arvinas’ stock is down 8.7% for the year, while the S&P 500 SPX, -0.02% is up 15.1%.

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