Bayer and Arvinas have signed an alliance that will give the German drugmaker access to the biotech company’s experimental drugs and technology in a deal worth up to $750 million.
Arvinas will receive an upfront payment, research and development support and a direct investment of more than $60 million. According to Bayer, milestone payments and royalties may be worth approximately $685 million.
Arvinas is working on "proteolysis targeting chimeras" that leverage the body’s natural protein disposal system to degrade and remove disease-causing proteins.
Read the Reuters report.