Prothena to get $30 million upfront from Roche triggered by regulatory milestone

23 January 2014

Clinical-stage biotech firm Prothena (Nasdaq: PRTA) said today that it will receive the $30 million upfront payment from Swiss drug major Roche (ROG: SIX) a result of the license agreement having become effective upon the expiration of the Hart-Scott-Rodino waiting period.

"This initial payment of $30 million marks the beginning of Prothena's collaboration with Roche, to co-develop and potentially co-commercialize PRX002," said Dale Schenk, president and chief executive of Prothena. "Prothena and Roche aim to develop PRX002 as a disease modifying treatment for Parkinson's disease and potentially other synucleinopathies, and so we very much look forward to working with Roche to initiate Phase I studies for PRX002 in the coming months," he noted.

PRX002 expected to enter Ph I this year

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