Arvinas-Pfizer partnership dynamics may shift, says H.C. Wainwright

H.C. Wainwright analyst Andrew Fein notes that Arvinas (ARVN) shared the final data from the VERITAC-2 trial, which the firm sees positioning vepdegestrant as the first-ever oral PROTAC potentially approved for ESR1-mutant patients. The firm thinks that the trial data likely unlocks a milestone payment, but beyond regulatory success, the Pfizer (PFE) partnership dynamics may shift given that Arvinas management has suggested that co-commercialization may be less appealing for both companies given the relatively small target patient population, the analyst tells investors. The structure of this partnership “might be critical in shaping Arvinas’ strategies going forward” as negotiations unfold in the coming weeks, adds the analyst, who has a Buy rating and $24 price target on Arvinas shares.