Prothena, Roche in Parkinson's deal

Prothena Corp. plc (NASDAQ:PRTA) and Roche (SIX:ROG; OTCQX:RHHBY) partnered to co-develop and co-commercialize mAbs targeting alpha synuclein (SNCA) including Prothena's PRX002, which is in preclinical development for Parkinson's disease and other synuclein-related diseases. Prothena will receive $45 million in an undisclosed upfront payment and a near-term milestone payment tied to the start of a Phase I trial for PRX002; the trial is slated to start next half. Roche and Prothena will share U.S. costs and profits 70/30, and Prothena has an option to co-promote PRX002 in the U.S. Roche will be responsible for development and commercialization of PRX002 outside the U.S. Prothena is eligible for up to $555 million in milestones, including $175 million in ex-U.S. commercial milestones, plus double-digit royalties on ex-U.S. sales. Additionally, Prothena and Roche will work to optimize early stage antibodies targeting SNCA, including using Roche's brain shuttle technology.

Last year, Elan Corp. plc (NYSE:ELN) spun out its discovery and early stage programs, including PRX002 ( NEOD002), into Prothena (originally Neotope Biosciences plc). Perrigo Co. (NYSE:PRGO; Tel Aviv:PRGO) is acquiring Elan. ...