Arvinas rises on license agreement with Novartis for prostate cancer drug

Arvinas

11/04/2024 12:31

** Shares of drug developer Arvinas  ARVN.O  rise 3.5% to
$38 premarket
    ** Co enters strategic license agreement with Novartis
 NOVN.S  for worldwide development and commercialization of its
experimental prostate cancer drug called ARV-766
    ** Under the agreement, ARVN will receive commercial
milestones of up to $1.01 billion as well as tiered royalties
for ARV-766
     ** Transaction also includes asset purchase agreement for
co's preclinical AR-V7 program to Novartis
    ** ARVN to receive a $150 mln as upfront payment for the
license of ARV-766 and sale of AR-V7 program
    ** Up to last close, ARVN stock down 10.8% YTD

 (Reporting by Sneha S K in Bengaluru)
 ((Sneha.SK@thomsonreuters.com;))