Arvinas Partners with Eli Lilly for $1.08B Drug Development Deal

TL;DR

Arvinas inks $1.08B+ deal with Eli Lilly for new drug discovery!

AI Summary

Arvinas, Inc. announced on May 28, 2024, that it has entered into a collaboration and license agreement with Eli Lilly and Company. This agreement focuses on the discovery and development of novel protein degrader medicines for oncology and neurodegenerative diseases. Arvinas will receive an upfront payment of $50 million and is eligible for up to $1.03 billion in potential milestone payments, plus royalties.

Why It Matters

This significant collaboration with a major pharmaceutical company like Eli Lilly validates Arvinas's protein degrader technology and provides substantial funding for future research and development, potentially accelerating the delivery of new treatments.

Risk Assessment

Risk Level: medium — While the deal is a positive validation, the success of drug development is inherently uncertain, and milestone payments are not guaranteed.

Key Numbers

• $50 million — Upfront Payment (Received by Arvinas from Eli Lilly)
• $1.03 billion — Potential Milestones (Total potential payments from Eli Lilly)
• 2 — Therapeutic Areas (Oncology and neurodegenerative diseases)

Key Players & Entities

• Arvinas, Inc. (company) — Registrant
• Eli Lilly and Company (company) — Collaborator
• $50 million (dollar_amount) — Upfront payment
• $1.03 billion (dollar_amount) — Potential milestone payments
• May 28, 2024 (date) — Date of agreement

FAQ

Key Financial Figures

• $0.001 — ch registered Common stock, par value $0.001 per share ARVN The Nasdaq Stock Market
• $150.0 million — ront payment in the aggregate amount of $150.0 million in accordance with the terms of the Lic
• $1.01 billion — eligible to receive up to an additional $1.01 billion as contingent payments based on specifi

Filing Documents

• arvn-20240528.htm (8-K) — 24KB
• 0001655759-24-000069.txt ( ) — 150KB
• arvn-20240528.xsd (EX-101.SCH) — 2KB
• arvn-20240528_lab.xml (EX-101.LAB) — 23KB
• arvn-20240528_pre.xml (EX-101.PRE) — 13KB
• arvn-20240528_htm.xml (XML) — 3KB

01 Other Events

Item 8.01 Other Events. As previously announced, on April 10, 2024, Arvinas, Inc., a Delaware corporation (the "Company"), entered into a transaction (the "Transaction"), including both a license agreement (the "License Agreement") and an asset purchase agreement (the "Asset Agreement"), with Novartis Pharma AG ("Novartis"). On May 28, 2024, the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, expired with respect to the Transaction (the "HSR Termination"). As a result of the HSR Termination and satisfaction of other closing conditions, Novartis will pay to the Company a one-time, upfront payment in the aggregate amount of $150.0 million in accordance with the terms of the License Agreement and the Asset Agreement. Under the terms of the License Agreement, the Company is also eligible to receive up to an additional $1.01 billion as contingent payments based on specified development, regulatory, and commercial milestones for ARV-766 being met, as well as tiered royalties based upon worldwide net sales of ARV-766, subject to reduction under certain circumstances as provided in the License Agreement.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ARVINAS, INC. Date: May 30 , 2 024 By: /s/ Randy Teel Randy Teel Interim Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR