Arvinas Stock Plunges 60% as Breast Cancer Drug Fails, Layoffs Follow
Arvinas, a biotech company specializing in targeted protein degradation (TPD), has faced a significant drop in stock market value, falling over 60 percent in the past six months. This downturn follows the discontinuation of a breast cancer drug, vepdegestrant, previously developed in partnership with Pfizer.
Arvinas, founded on the groundbreaking work of Yale professor Craig Crews, was the first company to explore proteolysis targeting chimeras (PROTACs) in the TPD sector. The company transitioned to a publicly traded entity in 2018, securing substantial funding that is projected to last until 2028.
Despite recent challenges, Arvinas remains committed to its mission. The company is currently focusing on combating lymphoma and Parkinson's disease through TPD. However, it has had to make significant cuts, laying off 33 percent of its employees in May and an additional 15 percent this month. The company's CEO, John Houston, remains optimistic about Arvinas' future prospects.
In a strategic move, Arvinas agreed to jointly license vepdegestrant to a third-party company after Pfizer decided not to commercialize or further develop the drug. This decision followed a period of stock market increase for Arvinas in 2021, driven by the partnership with Pfizer on the same drug.
Arvinas, despite facing stock market decline and workforce reduction, continues its research into innovative disease treatments. With a secure financial runway until 2028 and a focus on promising new targets, the company looks to the future. Meanwhile, the search for a new CEO continues following John Houston's tenure.
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