Rigel strikes licensing deal for Pfizer and Arvinas' breast cancer drug

May 12 (Reuters) - Rigel Pharmaceuticals RIGL.O said on Tuesday it has struck a global licensing deal for Arvinas ARVN.O and Pfizer's PFE.N recently approved breast cancer drug, marking Rigel's fourth commercial product on the market.

Shares of Rigel were up over 5% in premarket trading.

Here are some details:

• Rigel will be granted full exclusive rights to develop, manufacture and commercialize Arvinas ARVN.O and Pfizer's PFE.N breast cancer drug, Veppanu.

• Arvinas and Pfizer will receive $70 million up front and another $15 million after certain transition activities are completed.

• The drug was approved this month for patients with advanced breast cancer whose tumors carry a specific genetic mutation.

• Pfizer and Arvinas are also eligible for up to $320 million in future regulatory and commercial milestone payments, as well as royalties on sales.

• The FDA approval was based on a late-stage trial of 624 participants that showed Veppanu helped patients ​survive for longer periods without their breast cancer worsening, compared with the ​older hormone therapy, fulvestrant.

• Pfizer and Arvinas will continue ongoing development activities and Rigel will contribute up to $40 million toward certain development work over the next four years, Rigel said.

• The agreement is subject to customary closing conditions, including U.S. antitrust clearance, and is expected to close in mid-June.