Rigel snaps up breast cancer drug Veppanu in up to $405m deal

13 May 2026

US biotech Rigel Pharmaceuticals (Nasdaq: RIGL) is betting heavily on the newly-approved breast cancer therapy Veppanu (vepdegestrant), agreeing to pay Pfizer (NYSE: PFE) and Arvinas (Nasdaq: ARVN) up to $405 million for global rights to the medicine in a deal designed to reshape the company’s growth trajectory.

The agreement hands Rigel exclusive worldwide rights to develop, manufacture and commercialize Veppanu, the first approved PROTAC therapy.

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