Protagonist soars on Janssen IBD deal

Oral peptide therapeutic company Protagonist Therapeutics Inc. (NASDAQ:PTGX) jumped $3.60 (44%) to $11.82 on Tuesday after it granted the Janssen Biotech Inc. unit of Johnson & Johnson (NYSE:JNJ) exclusive, worldwide rights to co-develop and co-promote PTG-200, a preclinical candidate to treat inflammatory bowel disease.

Protagonist is to receive $50 million up front and is eligible for $325 million in clinical milestones and $615 million in regulatory and sales milestones, plus tiered double-digit royalties...