John Houston, Arvinas CEO

Pfiz­er bets $1B cash on the orig­i­nal pro­tein de­graders as tech­nol­o­gy nears prime time

As one of the largest multi­na­tion­al cor­po­ra­tions in the world, Pfiz­er has its ten­drils in every­thing. The Big Phar­ma has po­ten­tial­ly hun­dreds of bil­lions of dol­lars to play with, and when it de­cides to go big, it can go as big as it wants.

And did Pfiz­er ever on Thurs­day.

Re­turn­ing to one of its part­ners in pro­tein degra­da­tion, Pfiz­er is team­ing up again with Arv­inas to ad­vance and vast­ly ex­pand a pro­gram for breast can­cer. As part of the deal, Pfiz­er is hand­ing over $1 bil­lion im­me­di­ate­ly — $650 mil­lion in up­front cash and $350 mil­lion in an eq­ui­ty in­vest­ment — and promis­ing up to an­oth­er $1.4 bil­lion in reg­u­la­to­ry and com­mer­cial mile­stones.

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