Prothena Announces Bristol Myers Squibb Opt-in for Exclusive PRX019 Global License

DUBLIN--Prothena, a late-stage clinical biotech firm noted for its focus on protein dysregulation, announced that Bristol Myers Squibb has secured an exclusive global license for PRX019. The deal entails an upfront payment of $80 million to Prothena.

PRX019, a candidate for treating neurodegenerative diseases with a currently undisclosed target, received clearance from the U.S. Food and Drug Administration (FDA) for its investigational new drug (IND) application in December 2023. Prothena intends to kick off a Phase 1 clinical trial for PRX019 by the end of 2024.

Gene Kinney, PhD, President and CEO of Prothena, expressed enthusiasm about the collaboration with Bristol Myers Squibb. "This partnership has already yielded two clinical development programs, underscoring both companies' commitments to treating neurodegenerative diseases. With the IND in place and our agreement finalized, we are well-prepared to initiate the Phase 1 trial by the end of 2024," Kinney remarked. He emphasized that strategic partnerships are essential for advancing Prothena's broad portfolio aimed at addressing diseases caused by protein dysregulation, potentially benefiting millions of patients.

Richard Hargreaves, Senior Vice President and Head of Bristol Myers Squibb's Neuroscience Thematic Research Center, highlighted the significance of their expanding research efforts in neuroscience. "Our partnership with Prothena has led to the development of PRX019, a potential disease-modifying treatment for neurodegenerative conditions. This addition to our neuroscience pipeline reflects our dedication to improving patient lives," Hargreaves stated.

Under the terms of the PRX019 global license, Prothena stands to gain additional payments of up to $617.5 million tied to development, regulatory, and sales milestones. Furthermore, Prothena will be entitled to receive tiered royalties on net sales of PRX019.

Prothena Corporation plc specializes in developing investigational therapeutics to combat neurodegenerative and rare peripheral amyloid diseases. The company leverages its extensive expertise in protein dysregulation, built through decades of research, to advance a pipeline of therapeutic candidates targeting various conditions. These include AL amyloidosis, ATTR amyloidosis, Alzheimer’s disease, Parkinson’s disease, and other neurodegenerative disorders.

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