The Motley Fool 22 Jul, 2021 20:00 am

Why Arvinas Jumped 10% Today

Why Arvinas Jumped 10% Today
The smaller biopharma outfit just inked an encouraging deal with an industry powerhouse.

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.But Pfizer's upfront payment and purchase of Arvinas -- in addition to $1.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.Better still, given that the poorly served $20 billion breast cancer market could be worth twice as much in just a matter of years, at the very least Pfizer's interest makes Arvinas a compelling prospect.

What happened 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).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.

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