By Colin Kellaher

Clinical-stage biotechnology company Arvinas has struck a licensing and asset-sale agreement potentially worth more than $1 billion with Swiss drugmaker Novartis.

Arvinas on Thursday said Novartis will make an upfront payment of $150 million in exchange for an exclusive license for the development and commercialization of ARV-766, the New Haven, Conn., company's second-generation Protac androgen receptor degrader for patients with prostate cancer, as well as the acquisition of its preclinical AR-V7 program.

Arvinas said it is also eligible to receive up to $1.01 billion in development, regulatory and commercial milestone payments, along with royalties on sales for ARV-766.

Arvinas said Novartis will be responsible for worldwide clinical development and commercialization of ARV-766, adding that it expects the partnership to accelerate and broaden the drug's development as a potential first-in-class treatment option for patients with prostate cancer.

Write to Colin Kellaher at

(END) Dow Jones Newswires

04-11-24 0742ET