Pfizer backs protein degrader drugs with Arvinas deal

Pfizer is investing $1 billion (£716 million) in Yale University spin-out Arvinas to commercialise the protein degrader drug ARV-471. The deal comprises a $350 million equity investment, giving Pfizer about 7% ownership of Arvinas, plus $650 million cash up front and milestone payments. The two companies already had a licensing deal, agreed in 2018.