Novartis Secures $1B Protein Degrader Deal with Arvinas and Initiates MorphoSys Tender Offer

- Novartis announced a potential $1 billion protein degrader deal with Arvinas, a protein degradation biotech company, on Thursday, April 11, 2024.
- The deal includes a global license agreement for the development and commercialization of Arvinas' second-generation PROTAC® (PROteolysis-TArgeting Chimera) androgen receptor (AR) protein degrader for patients with prostate cancer.
- Novartis made an upfront payment of $150 million to Arvinas.
- Concurrently, Novartis began a tender offer for MorphoSys, with MorphoSys having until May 13, 2024, to respond.
- Arvinas has been involved in various clinical trials and investor conferences related to their PROTAC® protein degraders in oncology and neurodegenerative diseases.