Rigel Pharmaceuticals, Inc. (NASDAQ: RIGL) announced the closing of its exclusive global license agreement with Arvinas, Inc. and Pfizer Inc. for VEPPANU (vepdegestrant), a breast cancer treatment approved by the U.S. Food and Drug Administration.

The agreement, effective June 11, 2026, required Rigel to make an upfront payment of $70.0 million, split evenly between Arvinas and Pfizer. The deal closed following early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and satisfaction of other customary closing conditions.

VEPPANU is FDA-approved for adults with estrogen receptor-positive, HER2-negative, ESR1-mutated advanced or metastatic breast cancer, as detected by an FDA-authorized test, with disease progression following at least one line of endocrine therapy. Rigel said it expects to make VEPPANU commercially available in August 2026.

Under the agreement, Rigel holds rights to develop, manufacture, and commercialize VEPPANU. The company is based in South San Francisco, California, and focuses on therapies for hematologic disorders and cancer.