US biotech Arvinas announced Thursday that it has signed a licensing agreement with Novartis for ARV-766, its product candidate for the treatment of prostate cancer.

Under the terms of the agreement, Arvinas will grant the Swiss group an exclusive license for the development and commercialization of ARV-766, an androgen receptor (AR) degrader.

In return, the New Haven, Connecticut-based company will receive an initial payment of $150 million, which could be accompanied by additional development and regulatory milestones of over $1 billion, not including possible royalties on future sales of the product.

The transaction also includes AR-V7, a preclinical program launched by the biotech company.

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