Arvinas (NASDAQ:ARVN) and Pfizer (NYSE:PFE) have decided to outlicense the commercialization rights to vepdegestrant, an investigational estrogen receptor protein degrader for breast cancer. An application for its approval was filed with the U.S. FDA in June.
A third party “is the best path forward to unlock the full value of vepdegestrant and ensure vepdegestrant is available promptly if approved for use by regulatory authorities,” Arvinas said in a news release.
Arvinas said that due to the change in the vepdegestrant program, it will lay off 15% of its workforce, pursue strategic business development opportunities, and identify additional efficiencies.
The company has three candidates in phase 1: ARV-102 for progressive supranuclear palsy and Parkinson’s disease; ARV-393 fornon-Hodgkin lymphoma; and ARV-806 for solid tumor malignancies.
