Prothena to receive $80 million from Bristol Myers Squibb for exclusive global license to PRX019, a potentialtreatment of neurodegenerative diseases with an undisclosed target
Prothena will initiate a Phase 1 clinical trial for PRX019 in 2024
5/28/2024--DUBLIN--(BUSINESS WIRE)-- Prothena Corporation plc (NASDAQ:PRTA), a late-stage clinical biotechnology companywith a robust pipeline of investigational therapeutics built on protein dysregulation expertise, today announcedthat Bristol Myers Squibb obtained the exclusive global license for PRX019 and will pay Prothena $80 million.
The U.S. Food and Drug Administration (FDA) cleared the investigational new drug (IND) application for PRX019, apotential treatment of neurodegenerative diseases with an undisclosed target, in December 2023. Prothena plansto initiate the Phase 1 clinical trial for PRX019 by year-end 2024.
“Our collaboration agreement with Bristol Myers Squibb has now generated two clinical development programs,supporting both organizations’ commitments to advancing potential therapeutics to help treat neurodegenerativediseases. We are proud of this partnership and are excited that Bristol Myers Squibb has exercised their option forthe exclusive global license for PRX019. With the IND in eect and our agreement with Bristol Myers Squibb inplace, we’re well-positioned to initiate the Phase 1 clinical trial by year-end 2024,” said Gene Kinney, PhD, Presidentand Chief Executive Ocer at Prothena. “At Prothena, we are continuing to leverage strategic partnerships tofurther advance our broad portfolio of product candidates to treat diseases caused by protein dysregulation. Webelieve that our portfolio has the potential to help the millions of patients suering from these devastatingdiseases.”
“Our expanding research and development eorts in neuroscience demonstrate our commitment to tackling someof the most pressing areas of unmet medical need. Through our partnership with Prothena, we have identied andadvanced PRX019 as a potential disease-modifying treatment option for patients suering from neurodegenerativediseases,” said Richard Hargreaves, Senior Vice President and Head of Bristol Myers Squibb’s NeuroscienceThematic Research Center. “PRX019 adds to our growing neuroscience pipeline, and we look forward to continuingits development as we strive to make a meaningful improvement on patients’ lives.”
As part of the PRX019 global license with Bristol Myers Squibb, Prothena will be eligible to receive additionaldevelopment, regulatory, and sales milestone payments of up to $617.5 million. Prothena also will be eligible toreceive tiered royalties on net sales.
About Prothena
Prothena Corporation plc is a late-stage clinical biotechnology company with expertise in protein dysregulation anda pipeline of investigational therapeutics with the potential to change the course of devastating neurodegenerativeand rare peripheral amyloid diseases. Fueled by its deep scientic expertise built over decades of research,Prothena is advancing a pipeline of therapeutic candidates for a number of indications and novel targets for whichits ability to integrate scientic insights around neurological dysfunction and the biology of misfolded proteins canbe leveraged. Prothena’s pipeline includes both wholly-owned and partnered programs being developed for thepotential treatment of diseases including AL amyloidosis, ATTR amyloidosis, Alzheimer’s disease, Parkinson’sdisease and a number of other neurodegenerative diseases. For more information, please visit the Company’swebsite at www.prothena.com and follow the Company on Twitter @ProthenaCorp.