Orrick has advised Bayer on its collaboration with biopharmaceutical company Arvinas (Nasdaq: ARVN) to leverage Arvinas’ PROTAC® protein degrader technology to develop new human therapeutics for patients with cardiovascular, oncological and gynecological diseases. In addition, Bayer and Arvinas will jointly launch a new company to leverage Arvinas’ PROTAC® technology for agricultural applications. The overall series of arrangements includes over $110 million in upfront cash and committed funding for the human disease collaboration, the agricultural joint venture and a direct equity investment by Bayer in Arvinas.
The transaction is subject to customary closing conditions. Further details are available in Bayer’s press release.