Company: ARVN
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0001655759-25-000016
Chunk: 141

Company: ARVINAS, INC.
Filing Date: 2025-02-11
Form: 10-K
Item: Item 1
Chunk 141
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olvency, Pfizer retains its license with respect to Targets for which it has exercised an option (unless Pfizer elects otherwise), subject to reduced payment obligations.

Bayer Collaboration Agreement 

In June 2019, we entered into a Collaboration and License Agreement with Bayer setting forth our collaboration to identify or optimize PROTAC targeted protein degraders, that mediate for degradation of Targets using our proprietary platform technology, which Targets Bayer had the right to select, subject to certain exclusions and limitations. We refer to this agreement as the Bayer Collaboration Agreement. The Bayer Collaboration Agreement became effective in July 2019. Pursuant to notice from Bayer AG in accordance with the terms of the Bayer Collaboration Agreement, the Bayer Collaboration Agreement was terminated, effective August 12, 2024.

Under the Bayer Collaboration Agreement, for the identified Targets, we and Bayer conducted a research program pursuant to separate research plans tailored to each Target selected by Bayer. Bayer could make substitutions for any such initial Target candidates, subject to certain conditions and based on the stage of research for such Target.

We and Bayer were obligated to use commercially reasonable efforts to complete our respective activities set forth in each research plan, including, in our case, the obligation to provide certain deliverables at certain stages of the research plans. Under the Bayer Collaboration Agreement, the joint steering committee established under the collaboration determined whether the research program with respect to a given Target has been completed. In the absence of any such determination by the joint steering committee, and unless otherwise agreed by the parties in writing, for each Target for which research program activities commenced, if no research funding is allocated to such Target for the 12 month period commencing on July 1, 2019 or any anniversary thereof, and we referred to each as a Research Program Year, the research program with respect to the relevant Target were to be deemed completed as of the end of the last Research Program Year for which funding was allocated to such Target. Bayer was required to pay to us research funding payments of $3.0 million dollars per year in each of the first four Research Program Years. If our costs for its research activities under the research plans exceeded the research funding provided by Bayer for any Research Program Year before completion of all relevant research program activities in such Research Program Year, and we complied with its reporting obligations to Bayer with respect to research program costs, we were not obligated to carry out further research program activities for the given Research Program Year unless Bayer agreed in writing to fund such additional activities.

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During the term of the Bayer Collaboration Agreement, we