BMS opts-in for global rights on Prothena's PRX005
Dublin, Ireland-headquartered protein specialist Prothena (Nasdaq: PRTA) revealed that US pharma major Bristol Myers Squibb (NYSE: BMY) has exercised its option under the global neuroscience research and development collaboration to obtain the exclusive worldwide commercial rights for PRX005.
As a result, BMS will pay Prothena $55 million. PRX005, which is designed to be a best-in-class anti-tau antibody, specifically targets an area within the microtubule binding region (MTBR) of tau for the potential treatment of Alzheimer’s disease.
The option on PRX005 comes from a 2018 collaboration worth up to $.2 billion between Prothena and Celgene, which was acquired by BMS in 2019.
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