Ropes & Gray Represented Pfizer in Out-License of VEPPANU to Rigel Pharmaceuticals

Ropes & Gray represented Pfizer in a transaction in which Pfizer and Arvinas licensed the global rights for VEPPANU (vepdegestrant) to Rigel Pharmaceuticals. Pfizer and Arvinas had entered into a global collaboration to develop VEPPANU in 2021. The transaction with Rigel Pharmaceuticals was announced on May 12^th.

VEPPANU is approved in the U.S. for the treatment of adults with estrogen receptor-positive (ER+)/human epidermal growth factor receptor 2-negative (HER2-), estrogen receptor 1 (ESR1)-mutated advanced or metastatic breast cancer, with disease progression following at least one line of endocrine therapy.

Under the terms of the agreement, Pfizer and Arvinas will receive an upfront payment of $70 million and an additional $15 million upon successful completion of select development and manufacturing transition activities. Pfizer and Arvinas will also be eligible to receive up to $320 million in future development, regulatory, and commercial milestone payments, as well as tiered royalties on net sales and a percentage of sublicensing revenue generated outside the U.S.

The Ropes & Gray team was led by life sciences transaction associate Evan Tallmadge and included life sciences transaction partner Rajarshi Banerjee, life sciences transaction associates Ryan Kramer and Talia Favale, tax partner David Saltzman, and tax associate Ningzhou Shen.