05:47 PM EDT, 05/28/2024 (MT Newswires) -- Prothena ( PRTA ) said Tuesday it will receive $80 million from Bristol Myers Squibb ( BMY ) after the company exercised its option for the global license to PRX019, an investigational treatment for neurodegenerative diseases.

Prothena ( PRTA ) said it is also entitled to receive an additional development, regulatory and sales milestone payments of up to $617.5 million as well as royalties on net sales.

Prothena ( PRTA ) said it plans to start phase 1 trial for PRX019 by year-end 2024.

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