Protagonist Exercises Rusfertide U.S. Opt-Out Right Under Takeda Collaboration

About this update from Protagonist Therapeutics, Inc.

Opt-out election makes Protagonist eligible for $200 million upon exercise and an additional $200 million upon FDA approval of rusfertide for polycythemia veraApproval would also trigger a $75 million milestone payment, bringing total potential cash tied to the opt-out election and approval to $475 millionProtagonist becomes eligible for up to $975 million in milestone payments and tiered royalties ranging from 14% to 29% on worldwide net sales NEWARK, CA / ACCESS Newswire / April 28, 2026 / Protagonist Therapeutics, Inc. (Nasdaq:PTGX) ("Protagonist" or the "Company") today announced that it has exercised its right to opt out of the 50:50 U.S. profit and loss sharing arrangement under its worldwide license and collaboration agreement with Takeda for rusfertide, an investigational first-in-class hepcidin mimetic peptide under U.S. Food and Drug Administration (FDA) Priority Review for the treatment of adults with polycythemia vera (PV).By exercising its opt-out right during the contractual opt-out period, Protagonist becomes eligible to receive up to $400 million in opt-out payments, consisting of $200 million payable upon the opt-out election and a further $200 million payable upon FDA approval of rusfertide for the treatment of adults with PV. In addition, U.S. approval of rusfertide would trigger a $75 million milestone payment, bringing total potential cash payable in connection with the opt-out election and U.S. approval to $475 million.As a result of the opt-out election, Takeda now holds exclusive development and commercialization rights to rusfertide in the United States, in addition to its existing exclusive ex-U.S. rights. Under the opt-out structure, Protagonist becomes eligible to receive up to $975 million in milestone payments and tiered royalties on worldwide net sales ranging from 14% to 29%, corresponding to a weighted-average royalty rate of approximately 21% at $1.5 billion in annual net sales, with the top royalty tier of 29% applying to annual net sales above $1.5 billion."Exercising our opt-out right reflects our conviction in rusfertide and secures what we believe is the most attractive risk-adjusted value outcome for Protagonist and its shareholders as the hepcidin mimetic peptide approaches a potential approval," said Dinesh V. Patel, Ph.D., President and Chief Executive Officer of Protagonist Therapeutics. "This election provides ...

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