PFE - Why Arvinas Jumped 10% Today
Shares of Arvinas (NASDAQ: ARVN) rallied nearly 10% during Thursday's trading session, in response to the announcement of a new collaboration with drug giant Pfizer (NYSE: PFE) . The two companies will co-develop and then co-market Arvinas' ARV-471, currently in trials as a treatment for certain forms of breast cancer.
In conjunction with the agreement, Pfizer is making an investment in Arvinas stock as well as advancing the smaller biopharma company a sizable sum of cash.
Partnerships among pharmaceutical companies are nothing new, although this one is arguably more significant than others due to its relative scope. In addition to a $350 million equity investment in the $4 billion organization, Pfizer is also awarding Arvinas with an upfront payment of $650 million in exchange for shared rights to assist in the development and eventual marketing of ARV-471.
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Why Arvinas Jumped 10% Today