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Protagonist Therapeutics Announces Amendment of Agreement with Janssen Biotech for the Continued Development and Commercialization of IL-23 Antagonists
Amended Agreement Provides for Janssen to Lead Worldwide Development and Commercialization of Multiple Compounds in Parallel and Expands Range of Indications
About this update from Protagonist Therapeutics, Inc.
[{"type":"text","content":"Amended Agreement Provides for Janssen to Lead Worldwide Development and Commercialization of Multiple Compounds in Parallel and Expands Range of Indications Contemplated\n Protagonist's Development and Expense Obligations Now Limited to the Ongoing PTG-200 Phase 2a Study in Crohn's Disease and to the Ongoing Phase 1 Studies Investigating PN-232 and PN-235\n Protagonist Remains Eligible for Approximately $900M in Future Milestone Payments, in Addition to the $80M in Payments Already Received Under the Original Agreement\n Management to Host Conference Call and Webcast Today at 5:00 PM ET\n\n\nNEWARK, Calif., July 28, 2021 /PRNewswire/ -- Protagonist Therapeutics, Inc. (Nasdaq:PTGX) (\"Protagonist\" or \"the Company\") today announced its entry into an amended collaboration agreement (the \"Restated Agreement\") with Janssen Biotech, Inc., one of the Janssen Pharmaceutical Companies of Johnson & Johnson, relating to research, development, manufacture and commercialization of multiple oral Interleukin (IL)-23 receptor antagonist drug candidates. The compounds currently in development are PTG-200, an oral IL-23 receptor antagonist in Phase 2 development for the treatment of Crohn's disease (CD), and PN-232 and PN-235, two second-generation oral IL-23 receptor antagonist candidates. PN-232 and PN-235 are currently in Phase 1 clinical development.\nThe amended agreement provides for the concurrent development of multiple oral IL-23 receptor antagonists against a broad range of indications. As such, certain development milestones have been reconfigured based on multiple drug candidates advancing in parallel. Protagonist remains eligible to potentially receive approximately $900 million in future development and sales milestones, in addition to the $80 million in payments already received under the original agreement. Royalty rates remain unchanged. Janssen will have the right to continue research on IL-23 receptor antagonists developed during the collaboration for three years from the closing of the Restated Agreement.\nUnder the terms of the Restated Agreement, Janssen will conduct all future studies beyond those that are currently ongoing with PTG-200, PN-232 and PN-235 and will be solely financially responsible for any such studies. Accordingly, Protagonist's development and expense obligations will be limited to its relative share...