Rigel Pharmaceuticals agreed a global licensing deal for Veppanu (vepdegestrant), the PROTAC breast cancer therapy newly approved by the U.S. FDA. The arrangement follows a commercialization agreement signed between Rigel and Pfizer and Arvinas, transferring rights under the new label and related development and manufacturing responsibilities. Media reporting describes Veppanu as a first-in-class bifunctional targeting approach for ER-positive/HER2-negative, estrogen receptor 1-mutated disease with progression after at least one line of endocrine therapy, as detected by an FDA-authorized test. The deal includes upfront and milestone payments and royalties, but details on internal progression beyond the label remain limited. For Rigel, the objective is to build a product franchise around Veppanu and pursue additional lifecycle opportunities.