Why Arvinas Jumped 10% Today

·1-min read
Why Arvinas Jumped 10% Today

Shares of Arvinas (NASDAQ: ARVN) rallied nearly 10% during Thursday's trading session, in response to the announcement of a new collaboration with drug giant Pfizer (NYSE: PFE). The two companies will co-develop and then co-market Arvinas' ARV-471, currently in trials as a treatment for certain forms of breast cancer. In conjunction with the agreement, Pfizer is making an investment in Arvinas stock as well as advancing the smaller biopharma company a sizable sum of cash.

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