Prothena announces Bristol Myers Squibb obtained exclusive PRX019 license

The company states: “Prothena (PRTA) announced that Bristol Myers Squibb (BMY) obtained the exclusive global license for PRX019 and will pay Prothena $80 million. The FDA cleared the investigational new drug application for PRX019, a potential treatment of neurodegenerative diseases with an undisclosed target, in December 2023. Prothena plans to initiate the Phase 1 clinical trial for PRX019 by year-end 2024. As part of the PRX019 global license with Bristol Myers Squibb, Prothena will be eligible to receive additional development, regulatory, and sales milestone payments of up to $617.5 million. Prothena also will be eligible to receive tiered royalties on net sales.”