Novartis licenses Arvinas' experimental prostate cancer drug ARV-766 in a deal up to $1.01bn.

Novartis has agreed to a licensing deal with Arvinas, worth up to $1.01bn, to gain access to Arvinas' experimental prostate cancer drug ARV-766. Novartis will make an initial upfront payment of $150m and has acquired global rights to develop and commercialize the drug, which targets androgens receptors. Arvinas is eligible for tiered royalties and potential milestone payments totaling $1.01bn.