Press Release July 22, 2021

Arvinas Collaborates with Pfizer on PROTAC® Protein Degrader ARV-471 For $650 Million Upfront, $350 Million Equity Purchase, Worldwide Profit Share, and up to $1.4 billion in Milestone Payments

The Life Sciences team advised Arvinas (Nasdaq: ARVN) in its global collaboration with Pfizer (NYSE: PFE) to develop and commercialize ARV-471, an investigational oral PROTAC® (PROteolysis TArgeting Chimera) estrogen receptor protein degrader. The agreement is a worldwide co-development and co-commercialization collaboration. Under the financial terms of the agreement, Pfizer will pay Arvinas $650 million upfront. Separately, Pfizer will invest $350 million in Arvinas, receiving approximately 3.5 million newly issued shares of Arvinas common stock, priced at a 30% premium to the 30-day volume weighted average price on July 20, 2021. Arvinas is also eligible to receive up to $400 million in approval milestones and up to $1 billion in commercial milestones, in addition to sharing profits on ARV-471 worldwide.

Closing of the equity investment agreement is contingent on completion of review under antitrust laws, including the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976 in the U.S., and other customary closing conditions.

Arvinas is a clinical-stage biopharmaceutical company dedicated to improving the lives of patients suffering from debilitating and life-threatening diseases through the discovery, development, and commercialization of therapies that degrade disease-causing proteins.

The Goodwin team was led by Noelle Dubiansky, Alan Wang and Kingsley Taft and included Kirby Lewis, Paul Jin, Daniel Karelitz, James Matarese, Shivani Suhag, Christopher Zhong, Heath Ingram and Jennifer Chunias.

For additional background on the collaboration, please read the press release and coverage in Endpoints, FierceBiotech, BioSpace, MarketWatch and TheStreet.com.