Novartis licenses Arvinas' cancer drug for up to $1 billion (updated)

Arvinas

11/04/2024 12:40

(Adds details throughout)
       April 11 (Reuters) - Swiss drugmaker Novartis AG
 NOVN.S  has entered into a licensing deal worth up to $1.01
billion with Arvinas  ARVN.O  to gain access to the U.S. biotech
firm's experimental prostate cancer drug, Arvinas said on
Thursday. 
    Under the agreement, Novartis has acquired global rights to
develop and commercialize the drug, ARV-766, for an upfront
payment of $150 million. 
    Arvinas is also eligible to get tiered royalties for the
drug and potential milestone payments adding up to $1.01
billion.
        ARV-766 is designed to target and degrade androgen
receptors, which bind to male sex hormones or androgens. 
    Arvinas is developing treatments that harness the body's own
natural protein disposal system to degrade and remove
disease-causing proteins.

 (Reporting by Mariam Sunny in Bengaluru; Editing by Shailesh
Kuber)
 ((Mariam.ESunny@thomsonreuters.com;))