Prothena pens $1.2 billion deal with Novo Nordisk

Prothena Corp (Nasdaq: PRTA) shares were up nearly 6% at $62.70 in pre-market New York trading, as the Ireland-headquartered biotech announced a definitive purchase agreement with Danish diabetes care giant Novo Nordisk (NOV: N).

Under the terms of the deal, Novo Nordisk has acquired Prothena’s clinical-stage antibody PRX004 and broader ATTR amyloidosis program. PRX004 is a Phase II-ready anti-amyloid immunotherapy designed to deplete the amyloid deposits that are associated with the disease pathology of ATTR amyloidosis.

ATTR amyloidosis is a rare, progressive and fatal disease characterized by the abnormal build-up of amyloid deposits composed of misfolded transthyretin protein in organs and tissues, most commonly the heart and/or nervous system. Prothena has completed a Phase I study with PRX004 in patients with hereditary forms of ATTR, in which PRX004 was found to be safe and well tolerated.