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Arvinas Aims to Raise $350M in Private Placement of Common Stock

NEW YORK – Arvinas said on Monday that it has entered into a securities purchase agreement with institutional investors aimed at bringing in approximately $350 million in gross proceeds.

The firm said it has agreed to sell in an oversubscribed private placement 12,963,542 shares of common stock at a price of $21.36 per share, along with pre-funded warrants to purchase up to 3,422,380 shares of common stock at a price of $21.359 per warrant. The pre-funded warrants will have an exercise price of $.001 per share and will be exercisable immediately.

The private placement, expected to close on Nov. 28, is led by EcoR1 Capital and entities managed by RTW Investments. New and existing investors participating in the securities purchase agreement included Adage Capital Partners, ArrowMark Partners, Avidity Partners, BB Biotech, Boxer Capital, Citadel Global Equities, Great Point Partners, Nextech Invest, RA Capital Management, and Surveyor Capital, among others.

The firm said in a filing with the US Securities and Exchange Commission that it will use the proceeds for working capital and general corporate purposes.

Arvinas, based in New Haven, Connecticut, is developing several precision oncology treatments, including vepdegestrant, its lead therapy candidate for estrogen receptor-positive, HER2-negative breast cancer. The firm has partnered with Pfizer to develop and commercialize vepdegestrant, which is being studied as a monotherapy and in combination with Carrick Therapeutics' CDK7 inhibitor samuraciclib and other drugs.

The firm is also developing an androgen receptor degrader bavdegalutamide as a treatment for previously treated castration-resistant prostate cancer patients. Last year, Arvinas announced a partnership with Foundation Medicine to develop a liquid biopsy test as a companion diagnostic to identify prostate cancer patients who might benefit from bavdegalutamide.

Arvinas' pipeline also includes preclinical programs in B-cell lymphomas, KRAS-mutant cancers, and other solid tumors.