Bristol Myers takes up option on Prothena’s PRX019
Dublin, Ireland-headquartered protein specialist Prothena (Nasdaq: PRTA) announced that US pharma major Bristol Myers Squibb (NYSE: BMY) has obtained the exclusive global license for PRX019.
BMS will pay $80 million upfront to Prothena, which will also be eligible to receive development, regulatory, and sales milestone payments of up to $617.5 million. Additionally, Prothena will be eligible for tiered royalties on net sales.
The US Food and Drug Administration (FDA) cleared the investigational new drug (IND) application for PRX019, a potential treatment of neurodegenerative diseases with an undisclosed target, in December 2023. Prothena plans to initiate the Phase I clinical trial for PRX019 by year-end 2024.
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