Sept 17 (Reuters) - Drug developer Arvinas ( ARVN ) said

on Wednesday it will grant commercialization rights of an

experimental breast cancer treatment it was developing with

Pfizer ( PFE ) to a third party.

Shares of Arvinas ( ARVN ) were down 3.4% in extended trading.

The drug vepdegestrant is currently under review by the U.S.

Food and Drug Administration for a type of breast cancer, and

the regulator will give its potential approval decision in June.

Arvinas ( ARVN ) said it will limit additional expenditures on

vepdegestrant to support activities required for making the drug

ready for commercialization.

"The companies are aligned in their belief that finding a

third-party commercial partner is the best path forward ... and

ensure vepdegestrant is available promptly if approved for use

by regulatory authorities," said Arvinas ( ARVN ).

It will also reduce its workforce by an additional 15%,

"with the most significant reductions being roles related to

vepdegestrant commercialization". Arvinas ( ARVN ) had previously

announced a 33% workforce reduction in May.

The company had 430 full-time employees as of December 31,

2024, according to its latest annual filing.

Arvinas ( ARVN ) said the out-licensing of vepdegestrant and the

resulting cost-cutting actions are expected to result in overall

annual cost savings of more than $100 million compared with

2024, when combined with the $80 million it announced in May.

The drug developer said the cost cuts along with a new stock

buyback program of up to $100 million were "actions to support

shareholder value creation".

In May, trial results showed vepdegestrant delayed

progression of breast cancer by more than three months compared

to AstraZeneca's ( AZN ) Faslodex in patients with a specific

gene mutation.