Protein degradation has become a hot field in oncology, as new companies look to do better than the original set of therapies that have hit the market. In Arvinas’ case, CEO John Houston has been going after prostate cancer and breast cancer, with their first Phase I for the lead prostate cancer therapy lining up for a start in early 2019.

Arvinas gained a considerable amount of attention for two deals with Genentech and Pfizer, which came with a relatively small upfront and big back end numbers.