Investing.com -- Arvinas Inc. shares traded as much as 13% higher after resuming trading on Friday following the U.S. Food and Drug Administration's approval the company's drug VEPPANU.

The FDA approved VEPPANU (vepdegestrant) for treating adults with estrogen receptor-positive, human epidermal growth factor receptor 2-negative, ESR1-mutated advanced or metastatic breast cancer following disease progression after at least one line of endocrine therapy, according to a statement from Arvinas and Pfizer Inc.

The approval represents the first FDA-approved PROTAC, a type of heterobifunctional protein degrader therapy. The agency granted approval ahead of the June 5, 2026 PDUFA date.