Benzinga | Jul 12, 2021 08:30AM EDT

Novo Nordisk To Buy Prothena's ATTR Amyloidosis Program For Up To $1.2B

* Novo Nordisk A/S (NYSE:NVO) will acquire Prothena Corporation plc's (NASDAQ:PRTA) and clinical stage antibody PRX004 and broader ATTR amyloidosis program.

* PRX004 is a Phase 2 ready immunotherapy designed to deplete the amyloid deposits associated with the disease pathology of ATTR amyloidosis.

* ATTR amyloidosis is characterized by the abnormal buildup of amyloid deposits composed of misfolded transthyretin protein.

* Prothena has completed a phase 1 study with PRX004 in patients with hereditary forms of ATTR, in which PRX004 was found to be safe and well-tolerated.

* Novo Nordisk will initially focus on the clinical development of PRX004 in ATTR cardiomyopathy, characterized by the buildup of amyloid deposits in cardiac tissue.

* Under the terms of the agreement, Prothena is eligible to receive milestone payments of up to $1.2 billion, including $100 million in upfront and near-term clinical milestone payments.

* Price Action: PRTA stock is up 7.19% at $63.50, and NVO shares are up 0.2% at $86.71 during the premarket session on the last check Monday.