Strategic In-Licensing Deal Adds Veppanu to Portfolio; Incrementally Positive

研报英文原文证据摘录

Strategic In-Licensing Deal Adds Veppanu to Portfolio; Incrementally Positive

ccessful completion of transition activities. Additional regulatory and commercial associated with marketed and pipeline products.

milestones total up to $320M ($60M regulatory, $260M commercial), with tiered royalties

on cumulative net sales from the mid-teens to mid-twenties. PFE will remain responsible Price Performance - 1 Year

for current ongoing development activities post-close, and RIGL will contribute $40M USD

over the next four years in support of this clinical trial work. 55

• Veppanu's clinical data led to recent FDA approval; clean tolerability profile. 40

Veppanu is the first and only FDA-approved PROTAC for ER+/HER2-, ESR1-mutated 35

advanced or mBC, with approval (on May 1, 2026) supported by the P3 VERITAC-2 30

trial (n=624), a global randomized study vs. fulvestrant in patients who had previously 25

received endocrine therapy plus a CDK4/6 inhibitor. In the ESR1-mutated primary 20

endpoint population (n=270), mPFS was 5.0 mos for Veppanu vs. 2.1 mos for fulvestrant 15

(HR 0.57; p<0.001), a 2.4x improvement, with more than double the patients with PFS at May-25 Jul-25 Sep-25 Nov-25 Jan-26 Mar-26 May-26

6 mos. That said, PFS in the ITT population (all-comers) was 3.7 vs. 3.6 months, which Source: Bloomberg

did not meet stat sig, and OS data was immature at the cutoff. The drug's favorable

safety/tolerability was of particular interest on the call. Specifically, only 3% of patients

discontinued due to AEs, only 2% required dose reductions, and GI toxicity (a known

class concern with oral SERDs) was low.

• Meaningful market opportunity; solid fit with existing infrastructure. Veppanu has

the potential to become RIGL's largest commercial product, and we like how well this