Protagonist earns $10M payment for milestone in Phase 2b ANTHEM-UC study

Protagonist Therapeutics (PGTX) has earned a $10M milestone payment following the dosing of the third patient in ANTHEM-UC, a Phase 2b trial to evaluate the safety and effectiveness of JNJ-2113 compared with placebo in participants with moderately to severely active ulcerative colitis. With this additional payment, the Company has now earned $60M in payments in the fourth quarter of 2023 for milestones achieved in the JNJ-2113 Phase 2b and Phase 3 clinical programs led by the Company’s collaboration partner, Janssen Biotech, Inc., a Johnson & Johnson company (JNJ). In addition to the $10M milestone payment related to the ANTHEM-UC trial, Protagonist earned a $50M milestone payment related to initiation of the ICONIC Phase 3 psoriasis program in October 2023. The Company remains eligible for up to an additional $795M in other development and sales milestone payments with respect to JNJ-2113 or other licensed IL-23 receptor antagonist oral peptides. The additional $795M in potential milestones include a $115M milestone for meeting the co-primary endpoints in any of the ICONIC Phase 3 psoriasis clinical trials, a $50M milestone upon NDA submission and a $35M milestone upon NDA approval. The Company is also eligible to earn upward tiering royalties of 6%-10%, with the 10% tier applicable for net sales of greater than $4B.