Innovation Pharmaceuticals Inc (IPIX)

[slcimmuno]

Johnson & Johnson commits $990M to land Protagonist’s oral Crohn’s drug

Def money being thrown around in IBD -- pre-clinical.

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Johnson & Johnson has landed rights to Protagonist Therapeutics’ preclinical Crohn’s disease asset PTG-200. The deal gives J&J a stake in an oral interleukin-23 (IL-23) receptor antagonist in return for $50 million upfront and up to $940 million in milestones.

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The asset is due to enter the clinic this year. Protagonist will run and fund the trial with J&J taking over—and covering 80% of the costs—once it advances to phase 2. Beyond this, a series of major paydays await Protagonist. J&J will pay Protagonist $125 million if it moves the drug into phase 2b and a further $200 million if it sticks with the asset after getting a look at data from the trial. The rest of the cash is tied to regulatory and sales milestones.

http://www.fiercebiotech.com/biotech/j-j-commits-990m-to-land-protagonist-s-oral-crohn-s-drug