Hartford Business Journal

HARTFORDBUSINESS.COM | OCTOBER 6, 2025 5 Hartford, New Britain fill key development, housing posts H artford and New Britain have each installed new leadership in economic development and housing roles as the cities navigate major growth challenges. Hartford Mayor Arunan Arulampalam has named Jack Benjamin as the city's new economic develop- ment director and Jonathan Cabral as housing director. Both began Oct. 1 with annual salaries of $127,912. Benjamin had spent the past four years as New Britain's plan- ning and development director, where the city partnered with developers to bring hundreds of apar tments downtown through new construction and building conversions. He now takes over in Hartford as the city pursues large-scale multifamily projects on the edges of downtown, redevelopment of Constitution Plaza and efforts to stabilize a commercial office sector still grappling with pandemic-era vacancies. Benjamin succeeds Patrick Pentalow, who resigned Aug. 1, after 18 months in the job. Cabral most recently led housing policy efforts at The Connecticut Project, a New Haven-based nonprofit, and previously spent 11 years with the Connecticut Housing Finance Authority. A Hartford resident, Cabral is expected to focus on expanding rental and homeownership opportunities and reducing homelessness. In New Britain, Mayor Erin Stewart's long- time chief of staff, Justin Dorsey, is the city's new director of planning and development, replacing Benjamin. Stewart, who has led New Britain since 2013, is not seeking reelection this fall and is seen as a likely Republican candidate for governor. Her term ends in November. Michael Puffer | HBJ Staff Writer What's Trending XXXXXXXXXXXXXXXXXX Amid investor pressures, Arvinas to cut 15% of staff as it reshapes drug strategy with Pfizer Jack Benjamin Jonathan M. Cabral N ew Haven-based Arvinas Inc. announced it will work with Pfizer Inc. to find a third- party partner to commercialize their jointly developed breast cancer drug candidate, while also cutting jobs and authorizing a stock buyback program. The move comes as publicly traded Arvinas faces pressure from activist investor Logos Global Manage- ment, which has pushed for a leaner business model and sharper research focus. Logos recently disclosed an 8.6% stake in Arvinas and has urged the company to reduce expenses, return capital to shareholders and streamline its drug pipeline. Arvinas and Pfizer have agreed to out-license rights to vepdegestrant, an investigational breast cancer therapy currently under review by the U.S. Food and Drug Administration, with a decision expected by June 2026. The two companies said a partner could maximize the drug's commercial potential if approved. Arvinas in 2021 signed a $2.4 billion deal with Pfizer to jointly develop vepdegestrant. As part of its restructuring, Arvinas will cut about 15% of its workforce, mostly in positions tied to vepdegestrant commercialization. In a separate move announced in May, Arvinas said it would lay off 131 employees, or a third of its workforce, as it discontinued two phase 3 trials with Pfizer related to its breast cancer treatment development plan. The company ended 2024 with 430 employees, down from 445 a year earlier, according to its annual reports. With its various cost-cutting initiatives this year, Arvinas said it expects to reduce annual expenses by more than $100 million compared with fiscal 2024. Arvinas' board has also authorized a $100 million stock repurchase program, signaling confidence in the company's prospects even as its shares trade well below its 52-week high. Arvinas, founded in 2013, is a pioneer in protein degradation therapies. Beyond vepdegestrant, the company is advancing early-stage drug candidates in oncology and neuroscience, including therapies for lymphoma, Parkinson's disease and other cancers. Despite recent setbacks, Arvinas said it has enough cash to fund operations into the second half of 2028. Greg Bordonaro | HBJ Editor U.S. DEPARTURES OF HOUSING AND URBAN DEVELOPMENT OFFICE OF HOUSING — SELLER CALL 1-844-709-0763 TO LEARN MORE HEALTHCARE LOAN SALE 2026-1 ("HLS 2026-1") BID SUBMISSION DATE: OCTOBER 22, 2025 NO. OF EMPLOYEES 500 400 300 200 100 0 2018 2019 2020 2021 2022 2023 2024 2025* *The 2025 jobs number is an estimate based on two public layoff announcements Arvinas made this year. For every other year, the employee counts are as of December. | Source: HBJ research of Arvinas annual reports ARVINAS EMPLOYEE COUNTS

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