Prothena to Receive $30 Million Upfront Payment from Roche

Feb 4, 2014 | Biotech

Prothena Corporation plc a clinical stage biotechnology company focused on the discovery, development and commercialization of novel antibodies for the potential treatment of diseases that involve protein misfolding and cell adhesion, announced today that, pursuant

to its License, Development, and Commercialization Agreement with Roche, it will receive the $30 million upfront payment from Roche as a result of the License Agreement having become effective upon the expiration of the Hart-Scott-Rodino waiting period.

“This initial payment of $30 million marks the beginning of Prothena’s collaboration with Roche, to co-develop and potentially co-commercialize PRX002,” said Dale Schenk, PhD, President and Chief Executive Officer of Prothena. “Prothena and Roche aim to develop PRX002 as a disease modifying treatment for Parkinson’s disease and potentially other synucleinopathies, and so we very much look forward to working with Roche to initiate Phase 1 studies for PRX002 in the coming months.”

As previously announced in December 2013, Prothena entered into a worldwide collaboration with Roche to develop and commercialize antibodies that target <ALPHA> synuclein, including PRX002, Prothena’s monoclonal antibody for the treatment of patients with Parkinson’s disease, which is currently in preclinical development and is expected to enter Phase 1 clinical trials this year.

Dow Jones Newswires

23.01.2014