Prothena to Get $80 Million After Bristol Myers Exercises Option for Alzheimer's Treatment
June 24 2021 - 9:48AM
Dow Jones News
By Chris Wack
Prothena Corporation Plc said Bristol Myers Squibb Co. exercised
its option under the global neuroscience research and development
collaboration to enter into an exclusive U.S. license for
PRX005.
Bristol Myers will pay Prothena $80 million for PRX005, designed
to be an anti-tau antibody by specifically targeting an area within
the microtubule binding region for the potential treatment of
Alzheimer's disease.
Prothena said phase 1 study with PRX005 has begun.
The company said PRX005 has demonstrated superior ability to
bind, intercept and block cellular internalization of pathogenic
tau, and mitigate downstream neurotoxicity compared to other
anti-tau antibodies in multiple preclinical studies.
Prothena shares were up 9% to $52.50 in premarket trading.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
June 24, 2021 09:36 ET (13:36 GMT)
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