Bristol Myers Squibb (BMS; NYSE: BMY) has executed an exclusive global licensing agreement with Prothena Corporation (NASDAQ: PRTA), a biopharmaceutical company specializing in protein dysregulation, to acquire PRX019, a promising candidate for neurodegenerative diseases. The agreement follows PRX019’s attainment of Investigational New Drug (IND) status in the previous year. Under the terms of the agreement, BMS will make an upfront payment of USD 80 million to Prothena, with the potential for up to USD 617.5 million in milestone payments based on future development achievements, and will also pay royalties on net sales should the drug successfully launch.
PRX019 is on track to commence human trials by the end of this year. While the specific target molecule remains undisclosed, Prothena has expressed confidence in the drug’s potential to emerge as a disease-modifying treatment within the realm of neurodegenerative diseases.
As detailed in the press release, this licensing agreement marks the second program to materialize from the collaborative efforts between Bristol Myers Squibb and Prothena Corporation.- Flcube.com
