Prothena to Receive $30M Upfront Payment from Roche
Prothena Corporation announced today that, pursuant to its License, Development, and Commercialization Agreement with Roche, it will receive the $30 million upfront payment from Roche as a result of the License Agreement having become effective upon the expiration of the Hart-Scott-Rodino waiting period.
"This initial payment of $30 million marks the beginning of Prothena's collaboration with Roche, to co-develop and potentially co-commercialize PRX002," said Dale Schenk, PhD, President and Chief Executive Officer of Prothena. "Prothena and Roche aim to develop
PRX002 as a disease modifying treatment for Parkinson's disease and potentially other synucleinopathies, and so we very much look forward to working with Roche to initiate Phase 1 studies for PRX002 in the coming months."
As previously announced in December 2013, Prothena entered into a worldwide collaboration with Roche to develop and commercialize antibodies that target alpha-synuclein, including PRX002, Prothena's monoclonal antibody for the treatment of patients with Parkinson's disease, which is currently in preclinical development and is expected to enter Phase 1 clinical trials this year.
alpha-synuclein, is found extensively in neurons and is a major component of pathological inclusions that characterize several neurodegenerative disorders, including Parkinson's disease, dementia with Lewy bodies, neurodegeneration with brain iron accumulation type 1, and multiple system atrophy, which collectively are termed synucleinopathies.