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November 30, 2023

Arvinas to raise $350M for drug pipeline

PHOTO | CONTRIBUTED John Houston, president and CEO, Arvinas
By Michelle Tuccitto Sullo

New Haven-based biotech company Arvinas announced this week it has entered into a securities purchase agreement that is expected to raise $350 million.

Arvinas plans to use the net proceeds from the private placement deal toward advancing its drug pipeline, and for working capital and other general corporate purposes. The company estimates that the net proceeds, along with its existing assets, will fund its operations into 2027.

The clinical-stage company is working on treatments for prostate and breast cancer. It has been focused on creating drugs that harness the body’s natural protein disposal system to remove disease-causing proteins. 

It has an ongoing collaboration with Pfizer to develop and commercialize Vepdegestrant, a drug candidate for breast cancer. Arvinas and Pfizer plan to announce updated clinical trial data for Vepdegestrant at the 2023 San Antonio Breast Cancer Symposium in early December.

In addition to oncology, Arvinas is also pursuing potential neuroscience treatments for Huntington’s and Parkinson’s diseases. Yale University scientist Craig Crews founded Arvinas in 2013, and it went public in 2018.

This week’s deal involves the sale of 12,963,542 shares of common stock at a price of $21.36 per share, plus pre-funded warrants for another 3,422,380 shares at a price of $21.359, according to a Nov. 27 filing with the U.S. Securities and Exchange Commission. 

The private placement was co-led by EcoR1 Capital and entities managed by RTW Investments LP, with participation by Adage Capital Partners LP, ArrowMark Partners, Avidity Partners, BB Biotech, Boxer Capital, Citadel Global Equities, Great Point Partners, LLC, Nextech Invest Ltd, RA Capital Management and Surveyor Capital.

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