Rigel rises on licensing deal for Pfizer-Arvinas breast cancer drug

Shares of drugmaker Rigel Pharmaceuticals RIGL.O rise 15.27% to $30.20

Co signs a global licensing deal for Arvinas ARVN.O and Pfizer's PFE.N recently approved breast cancer drug, Veppanu

Veppanu is approved for patients with advanced breast cancer whose tumors carry a specific genetic mutation

RIGL will pay $70 million upfront and another $15 million after certain transition activities are completed; ARVN and PFE are also eligible for up to $320 million in milestone payments as well as tiered royalties

"We think this is a partnership that makes sense given Rigel's deep expertise in oncology," says Truist

Including session's move, RIGL down 30.3% YTD