Protagonist Announces Closing of Janssen License, Collaboration Agreement for PTG-200

Protagonist Therapeutics has closed the worldwide license and collaboration transaction for PTG-200 with Janssen Biotech, one of the Janssen Pharmaceutical Companies of Johnson & Johnson, following termination of the waiting period required by the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Following closure of the transaction, Protagonist received the upfront payment of $50 million originally announced by the two companies as part of the agreement on May 30, 2017.

The agreement provides Janssen Biotech with a worldwide license for the co-development and commercialization of PTG-200, Protagonist's first-in-class, oral peptide IL-23 receptor antagonist for all indications including inflammatory bowel disease (IBD). PTG-200 is expected to enter Phase 1 clinical testing before the end of 2017.