By Josh Beckerman

Shares of Arvinas fell after the biotechnology company ended plans for two Phase 3 trials as part of its collaboration with Pfizer, and said that it would cut about a third of its workforce.

The stock was down 25% to $7.22 Thursday. Shares have tumbled 62% this year.

"We continuously evaluate and refine our long-term strategy, and recent challenges in the capital markets have required us to expeditiously evaluate our business priorities and capital needs," the company said.

Arvinas said it expects to incur about $10 million in costs in connection with the workforce reduction.

The company is re-prioritizing its development plan for the breast cancer drug vepdegestrant.

"Our conviction is high that vepdegestrant can be highly competitive as a monotherapy treatment option for metastatic breast cancer in the second-line, ESR1 mutant setting," the company said.

Shares of Arvinas tumbled 53% to $8.30 on March 11 after it reported results from the Veritac-2 Phase 3 trial of vepdegestrant. Arvinas and Pfizer have said the results were positive and that the trial achieved its primary endpoint in the estrogen receptor 1-mutant population.

Arvinas will present Veritac-2 data at the American Society of Clinical Oncology Annual Meeting that takes place from May 30 through June 3.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

May 01, 2025 14:26 ET (18:26 GMT)

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