Prothena to Get $80 Million After Bristol Myers Exercises Option for Alzheimer's Treatment

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 [e-mail]

(END) Dow Jones Newswires

06-24-21 0936ET