Protagonist reports positive Phase 3 psoriasis results; earns $165 million milestone
Protagonist said its Phase 3 ICONIC-LEAD and ICONIC-TOTAL studies of icotrokinra in plaque psoriasis met their primary endpoints. Under a November 13, 2024 amendment to its collaboration with Janssen, the company has earned a $165 million milestone, which it expects to receive in Q1 2025, and the filing states the payment is not refundable. The filing does not provide revenue, profit or guidance figures.
- ICONIC-LEAD: 64.7% of patients reached IGA 0/1 at week 16 on icotrokinra vs. 8.3% on placebo; 49.6% reached PASI 90 vs. 4.4% on placebo.
- Amendment raised the Phase 3 milestone by $50 million to $165 million and eliminated $35 million and $15 million milestone payments, which accelerates them into the $165 million.
- Company expects to receive the $165 million in Q1 2025 and remains eligible for up to $630 million in future milestones plus tiered royalties of 6-10% on worldwide net sales.