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FRANKFURT, June 4 (Reuters) - German drugmaker Bayer has signed an alliance with Arvinas Inc to gain access to the U.S. biotech firm's experimental protein drugs and crop protection technology in a deal worth up to $750 million.
Under the pact, Arvinas will receive an upfront payment, pharmaceutical research and development (R&D) support and a direct equity investment of more than $60 million.
In addition, milestone payments linked to development achievements and commercial royalties could add up to slightly more $685 million, Bayer said in a statement on Tuesday.
Bayer, which is cutting jobs and revamping its drug development activities, has said it will seek to rely more on external partners to improve its prospects in pharmaceuticals development.
Arvinas is working on so-called proteolysis targeting chimeras that harness the body's own natural protein disposal system to degrade and remove disease-causing proteins.
Bayer, which acquired agricultural supplies company Monsanto last year, said it would also form a joint venture with Arvinas because the U.S. company's technology could also be used on farms to fight weeds and plant pests.
Arvinas shares were indicated more than 10 percent higher in pre-market U.S. trades. (Reporting by Ludwig Burger and Patricia Weiss; Editing by Mark Potter)