08:56 AM EDT, 04/11/2024 (MT Newswires) -- Arvinas ( ARVN ) said Thursday it has entered into agreements with Novartis ( NVS ) for the development and commercialization of its ARV-766 prostate cancer treatment and the sale of its AR-V7 preclinical program.

Under the terms of the deal, Arvinas ( ARVN ) will receive an upfront payment of $150 million and up to $1.01 billion as the drug achieves developmental, regulatory, and commercial milestones, as well as tiered royalties.

Novartis ( NVS ) will be responsible for the clinical development and commercialization of ARV-766 and research, development, manufacturing, and commercialization of AR-V7, the company said.

Closing of the deal is subject to receipt of customary approvals.

Shares of Arvinas ( ARVN ) were up 7% in Thursday's premarket activity.

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