Shots:

• Protagonist to receive $25M milestone for the initiation of 1st P-II study of PN-235 in psoriasis, $10M milestone for 2nd indication-based P-II study & ~$900M in development milestone
• Under May 30, 2017 agreement, the Protagonist receives an up front & milestone along with royalties while on Oct 26, 2021, the Protagonist receives a $7.5M milestone. Janssen will be responsible for clinical studies including P-II studies & will be financially responsible for studies
• The P-II clinical studies of PN-235 for IBD are expected to start in late 2022 & development of PN-232 will discontinue based on its superior potency, PK & PD profile. PN-943 is being evaluated in the P-II study for active UC

Ref: PR Newswire | Image: Protagonist