Protagonist Therapeutics announced the expansion of its worldwide license and collaboration agreement with Janssen Biotech for the co-development and commercialization of PTG-200, Protagonist's first-in-class, oral peptide IL-23 receptor antagonist, for all indications including inflammatory bowel disease (IBD). The expanded agreement builds upon Protagonist's ongoing development collaboration with Janssen on PTG-200 and triggers a $25 million milestone payment to Protagonist. The new agreement expands the scope of the original collaboration with Janssen established in 2017 by supporting efforts towards second generation IL-23 receptor antagonists.
"We are very pleased with the continuation and expansion of our existing partnership with Janssen," commented Dinesh V. Patel, Ph.D., Protagonist President and Chief Executive Officer. "The new agreement not only ensures that PTG-200 will move forward in a Phase 2 study in Crohn's disease, as expected under the original collaboration, but also supports new research efforts utilizing our technology platform aimed at discovering and developing second generation compounds. With this expanded commitment, we see multiple opportunities for success in the ultimate objective of bringing new medicines to patients with IBD. We look forward to working with Janssen in expanding and extending their IBD franchise, and playing a significant role in the gradual paradigm shift in IBD treatment from injectable to needle-free, oral therapies."
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Under the terms of the amended license and collaboration agreement, Protagonist will receive a $25 million milestone payment triggered on signing of the amendment and will be eligible to receive over $1.0 billion in additional research, development, regulatory and sales milestones. As part of the new research collaboration, Janssen will pay certain costs and milestones related to advancing pre-clinical candidates through Phase 1 studies, including funding a number of full time equivalent employees (FTEs) at Protagonist for a set period of time. Protagonist will continue to receive clinical development, regulatory and commercial milestones if Janssen elects to retain its license following completion of Phase 2a and/or Phase 2b studies with PTG-200 and/or second generation compounds. Janssen will receive exclusive, worldwide rights to develop and commercialize PTG-200 and any second-generation compounds derived from the research collaboration, and Protagonist will receive tiered royalties on net product sales.
Protagonist Therapeutics and Janssen will jointly conduct the development of PTG-200 through completion of Phase 2 clinical proof-of-concept (POC) in Crohn's disease. Janssen will be responsible for further development and commercialization activities beyond Phase 2 development. According to the terms of the agreement, Protagonist will have the right to co-detail PTG-200 and second generation compounds derived from the collaboration in the U.S. market.
Additional details regarding the collaboration are available in the Form 8-K filed with the Securities and Exchange Commission.