Biotech stocks heated up Thursday, driven by a spate of deals, as Novartis (NVS) scooped up a licensing pact with Arvinas Therapeutics (ARVN) and Janux Therapeutics (JANX) was said to be exploring strategic options.

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In premarket trading on today’s stock market, Arvinas stock jumped 7.1% to 39.35, while Janux stock popped 4.9% to 46.80. The move from Janux followed an 11.5% spike during Wednesday’s regular session following a Bloomberg report that the biotech company has garnered takeover interest.

The Arvinas deal focuses on the company’s protein degradation technology, which uses the body’s natural means of ridding itself of proteins to target problematic actors in cancer. Novartis will pay Arvinas $150 million upfront to license ARV-766, an experimental prostate cancer treatment. Arvinas could also receive up to $1.01 billion in milestones and tiered royalties on sales.

Further, Novartis is buying Arvinas’ preclinical program, AR-V7. This drug is in laboratory testing for metastatic castration-resistant prostate cancer.

Meanwhile, biotech stock Vera Therapeutics (VERA) surged 5.7% to 44 after Vertex Pharmaceuticals (VRTX), on Wednesday, pledged to buy Alpine Immune Sciences (ALPN) for $4.9 billion. Vera is working on a similar treatment for a chronic kidney disease known as IgA nephropathy.

More to follow.

Follow Allison Gatlin on X, the platform formerly known as Twitter, at @IBD_AGatlin.

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