BioCentury
ARTICLE | Financial News

Perrigo selling Prothena stake

January 28, 2014 12:51 AM UTC

Perrigo Co. plc (NASDAQ:PRGO; Tel Aviv:PRGO) plans to sell 2.8 million shares of Prothena Corp. plc (NASDAQ:PRTA) in a secondary offering underwritten by BofA Merrill Lynch and Citigroup. If sold at Prothena's close of $25.63 on Monday, before the offering was announced, Perrigo would raise $70.9 million.

Including the 415,076-share overallotment, the shares represent Perrigo's entire stake in Prothena. Perrigo gained the stake through its acquisition late last year of Elan Corp. plc, which spun out its discovery and early stage programs into Prothena in 2012. Prothena is developing antibodies to treat diseases that involve protein misfolding and cell adhesion. The company's NEOD001, a mAb targeting amyloid, is in Phase I testing to treat amyloid light-chain (AL) amyloidosis. ...