Arvinas to cut about 15% of staff, seek vepdegestrant partner; approves $100 million buyback

Arvinas, Inc. (Nasdaq: ARVN) said on September 17, 2025 that it has approved a further reduction in its workforce of about 15%, and that it is seeking a third party to take over commercialization of vepdegestrant with Pfizer. The company disclosed the cut in a Form 8-K under Item 2.05, which covers costs of exit or disposal activities. The same filing reports a share buyback of up to $100 million.

The workforce cut

Management approved the reduction under authority delegated by the board. The cuts fall across roles in functional areas, primarily those tied to vepdegestrant commercialization. Arvinas expects the reduction to be substantially complete in the first quarter of 2026.

The company expects about $4.5 million in severance and other one-time termination costs, mostly recognized in the third and fourth quarters of 2025. The filing says the estimate depends on assumptions and that actual results may differ. It also warns that other charges or cash spending not yet contemplated could arise.

The Pfizer partnering

Arvinas and Pfizer have jointly agreed to out-license commercialization rights to vepdegestrant to a third party, and they have begun looking for a partner. The target is patients with estrogen receptor 1-mutant, estrogen receptor positive, HER2-negative, advanced or metastatic breast cancer. The 8-K says the partner could also develop the drug in new settings.

The company says the change in the development plan has led it to refocus on early programs. It will limit further spending on vepdegestrant to commercialization readiness and to finding an out-license partner, subject to alignment with Pfizer. It will also cut 15% more of the workforce, look for business development deals, and find further efficiencies.

The 8-K does not say whether Pfizer will carry any of the cost of the cut, and it does not name a timetable for a partner.

Cash runway and the buyback

The company says its cash, cash equivalents and marketable securities as of June 30, 2025, together with these actions, will fund planned operating and capital spending into the second half of 2028. It adds that the estimate rests on assumptions that may prove wrong, and that it could use its capital sooner than expected.

The 8-K does not state the June 30 balance. Without it, a reader cannot check whether a $100 million buyback fits inside that runway.

The board authorized the program on the same day. Purchases may be made in the open market, in privately negotiated block trades, through accelerated repurchases, or under a Rule 10b5-1 plan. The company says it will fund the program from working capital. The program has no time limit and can be changed, suspended or ended at any time. Arvinas says it cannot predict when or whether it will buy any shares.

The filing does not explain how the buyback relates to the staff cut or the partner search.

Losses and the wider pipeline

The company's annual report on Form 10-K, reports net losses of $198.9 million for 2024, $367.3 million for 2023 and $282.5 million for 2022. It describes itself as a clinical-stage biotechnology company developing protein degradation therapies with its PROTAC Discovery Engine. Its clinical programs include vepdegestrant, ARV-393 for relapsed or refractory non-Hodgkin lymphoma, and ARV-102 for neurodegenerative disorders.

The 10-K also describes a license of luxdegalutamide, known as ARV-766, to Novartis Pharma AG, under which the 10-K lists potential milestone payments and future royalties. Its forward-looking statements mention an expected wind-down of bavdegalutamide, a separate program. The 8-K does not discuss that program.

Who signed

Chief Financial Officer Andrew Saik signed the 8-K for the company.

Report an error

Companies in this story

ARVNArvinas, Inc.NASDAQ · United StatesOpen the starter desk