Although there is evidence to suggest that PML/RARa expression is not the sole genetic event required for the development of acute promyelocytic leukemia (APL), there is little doubt that the fusion protein plays a central role in the initiation of leukemogenesis. The two therapeutic agents, retinoic acid and arsenic, that induce clinical remissions in APL, both target the oncogenic fusion protein, representing the ®rst example of oncogene-directed cancer therapy. This review focuses on the molecular mechanisms accounting for PML/RARa degradation. Each drug targets a speci®c moiety of the fusion protein (RARa for retinoic acid, PML for arsenic) to the proteasome. Moreover, both activate a common caspase-dependent cleavage in the PML part of the fusion protein. Speci®c molecular determinants (the AF2 transactivator domain of RARa for retinoic acid and the K160 SUMO-binding site in PML for arsenic) are respectively implicated in RA-or arsenic-triggered catabolism. The respective roles of PML/RARa activation versus its catabolism are discussed with respect to di erentiation or apoptosis induction in the context of single or dual therapies. Oncogene (2001) 20, 7257 ± 7265.