Prothena Corporation plc (PRTA), a late-stage clinical company, announced Monday a definitive purchase agreement, under which it sold clinical stage antibody PRX004 and broader ATTR amyloidosis programme to Novo Nordisk A/S (NVO).
In pre-market activity on Nasdaq, Prothena shares were gaining around 7.2 percent to trade at $63.50.
Under the deal terms, Novo Nordisk, a Denmark-based healthcare company, acquires Prothena’s wholly-owned subsidiary and gains full worldwide rights to the intellectual property and related rights of Prothena’s ATTR amyloidosis business and pipeline.
Prothena is eligible to receive development and sales milestone payments totaling up to $1.2 billion including $100 million in upfront and near-term clinical milestone payments.
PRX004 is a phase 2 ready anti-amyloid immunotherapy designed to deplete the amyloid deposits that are associated with the disease pathology of ATTR amyloidosis.
ATTR amyloidosis is a rare, progressive, and fatal disease characterised by the abnormal buildup of amyloid deposits composed of misfolded transthyretin protein in organs and tissues, most commonly the heart and/or nervous system.
Prothena said it has completed a phase 1 study with PRX004 in patients with hereditary forms of ATTR, in which PRX004 was found to be safe and well tolerated.
Following the deal, Novo Nordisk will develop the phase 2 ready antibody PRX004 for the rare heart disease ATTR cardiomyopathy – an underdiagnosed and potentially fatal form of ATTR amyloidosis characterised by build-up of amyloid deposits in cardiac tissue.
Hideki Garren, chief medical officer of Prothena, said, “With Novo Nordisk’s commitment to further develop PRX004 in ATTR cardiomyopathy, Prothena will continue to focus on our mission to advance our robust portfolio designed to address rare peripheral amyloid and neurodegenerative diseases.”
Source: Read Full Article