Arvinas, Inc. announced it has entered into an exclusive strategic license agreement with Novartis for the worldwide development and commercialization of ARV-766, Arvinas' second generation PROTAC androgen receptor (AR) degrader for patients with prostate cancer. The transaction also includes an asset purchase agreement for the sale of Arvinas' preclinical AR-V7 program to Novartis. Under the terms of the transaction agreements, Novartis will be responsible for worldwide clinical development and commercialization of AR V-766 and will have all research, development, manufacturing, and commercialization rights with respect to the preclinical AR-V7 programs. Arvinas will receive an upfront payment in the aggregate amount of $150.0 million.

Under the License Agreement, Arvinas is eligible to receive additional development, regulatory, and commercial milestones of up to $1.01 billion, as well as tiered royalties for ARV-766. Closing of the transaction is subject to the parties' receipt of any necessary consents or approvals, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Goldman Sachs & Co.

LLC is acting as the exclusive financial advisor to Arvinas.