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Protalix out-licenses U.S. rights to PRX-102 for up to $805M; shares up 21% premarket

  • Nano cap Protalix BioTherapeutics (NYSE:PLX) is up 21% premarket on increased volume in response to its announcement that it has sold U.S. development and commercialization rights to PRX-102 (pegunigalsidase alfa) for Fabry disease to Italian pharma Chiesi Farmaceutici S.p.A., the holder of ex-U.S. rights under an October 2017 agreement.
  • Under the terms of the new deal, Protalix will receive $25M upfront, up to $20M for development costs (capped at $7.5M/year), up to $760M in milestones and tiered royalties ranging from 15 - 40%. Protalix will manufacture.
  • Topline data from a Phase 3 clinical trial should be available in H1 2019.
  • PRX-102 is chemically modified version of a recombinant therapeutic enzyme called alpha-galactosidase A.
  • Previously: Protalix Bio's PRX-102 Fast Track'd for Fabry disease; shares up 9% premarket (Jan. 31)

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