** Shares of drugmaker Rigel Pharmaceuticals RIGL.O rise 6.6% to $27.94 premarket

** Co signs a global licensing deal for Arvinas ARVN.O and Pfizer's PFE.N recently approved breast cancer drug, Veppanu

** Veppanu is approved for patients with advanced breast cancer whose tumors carry a specific genetic mutation

** RIGL will pay $70 million upfront and another $15 million after certain transition activities are completed; ARVN and PFE are also eligible for up to $320 million in milestone payments as well as tiered royalties

** "We think this is a partnership that makes sense given Rigel's deep expertise in oncology," says Truist

** As of last close, RIGL down 38.8% YTD