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Bristol Myers Squibb terminates PRX019 license, forfeiting up to $617.5M in milestones
PRTAProthena Corp Public Ltd Co
Bristol Myers Squibb informed Prothena Corporation on October 28, 2026, that it will not advance the antibody candidate PRX019 further in clinical development following an internal strategic review. Consequently, Bristol Myers Squibb will terminate the exclusive global license agreement for PRX019 effective January 28, 2027, and will owe no additional development, regulatory, or sales milestones to Prothena. While Prothena previously received an $80 million upfront payment and completed a Phase 1 trial demonstrating a benign safety profile for PRX019, the termination eliminates eligibility for up to $617.5 million in potential milestone payments and future royalties. Bristol Myers Squibb continues to develop its separate Alzheimer's candidate moponetug under a different collaboration with Prothena. Prothena Corporation operates as a clinical-stage biopharmaceutical company focused on developing therapies for rare diseases.