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Arvinas, Inc. (NASDAQ:ARVN) reported Monday that John Young has notified the company of his decision to resign from its board of directors and the compensation committee, effective Monday. According to a statement in the company’s SEC filing, Young’s resignation was not due to any disagreement with Arvinas regarding operations, policies, or practices.
At its annual meeting held Wednesday, Arvinas shareholders elected three Class I directors for terms expiring at the 2028 annual meeting. The elected directors are Linda Bain, John Houston, Ph.D., and Laurie Smaldone Alsup, M.D. Voting results for each nominee were as follows: Bain received 40,537,500 votes in favor and 12,344,284 withheld; Houston received 41,078,364 votes in favor and 11,803,420 withheld; Smaldone Alsup received 42,326,574 votes in favor and 10,555,210 withheld. There were 7,510,892 broker non-votes for each nominee. The company, with a market capitalization of $550 million, faces important governance decisions as it navigates challenging market conditions.
Shareholders also approved, on an advisory basis, the compensation of the company’s named executive officers. The proposal received 39,539,338 votes in favor, 13,240,969 against, and 101,477 abstentions, with 7,510,892 broker non-votes.
Additionally, the appointment of Deloitte & Touche LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025, was ratified. The vote totals were 58,006,476 in favor, 2,312,679 against, and 73,521 abstentions.
These disclosures are based on a press release statement included in Arvinas’s recent SEC filing.
In other recent news, Arvinas Inc., in collaboration with Pfizer Inc. (NYSE:PFE), has submitted a New Drug Application (NDA) to the U.S. Food and Drug Administration for vepdegestrant, aimed at treating ER-positive/HER2-negative ESR1-mutated advanced or metastatic breast cancer. The submission follows promising results from the Phase 3 VERITAC-2 clinical trial, which demonstrated a median progression-free survival of five months for vepdegestrant, compared to 2.1 months in the control group. Additionally, the drug has been granted Fast Track designation by the FDA. H.C. Wainwright analysts have reaffirmed their Buy rating on Arvinas stock, citing the potential of vepdegestrant as the first approved treatment for ESR1-mutant patients. Meanwhile, Leerink Partners downgraded Arvinas from Outperform to Market Perform due to competition from emerging therapies like AstraZeneca (NASDAQ:AZN)’s camizestrant. Citi also adjusted Arvinas’s price target to $9.50, maintaining a Neutral rating, following Pfizer’s decision to halt certain combination trials involving vepdegestrant. These developments highlight the evolving landscape in breast cancer treatment and the strategic shifts by Arvinas and Pfizer in response to clinical trial outcomes and market competition.
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