Perrigo sells 2.8 million Prothena shares

Perrigo Co. plc (NASDAQ:PRGO; Tel Aviv:PRGO) raised $71.9 million through the sale of 2.8 million shares of Prothena Corp. plc (NASDAQ:PRTA) at $26 in a secondary offering underwritten by BofA Merrill Lynch and Citigroup. If the 415,076-share overallotment is also sold, the shares will 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. ...