Protagonist Therapeutics, Inc. announced the achievement of a $50 million milestone event under its license and collaboration agreement with Janssen Biotech, Inc., a Johnson & Johnson company ("Janssen"). The milestone was earned when the third patient was dosed in the ICONIC TOTAL Phase 3 clinical study of JNJ-2113 in patients with moderate-to-severe psoriasis. JNJ-2113 (formerly known as PN-235) was jointly discovered and is being developed pursuant to the license and collaboration agreement between Protagonist and Janssen.

Protagonist completed a Phase 1 study of J NJ-2113 in healthy volunteers in October of 2021 and Janssen retains exclusive, worldwide rights to develop in Phase 2 and beyond, and to commercialize compounds derived from the research conducted pursuant to the agreement against a broad range of indications. Protagonist will earn a $10 million milestone payment upon dosing of the third patient in the ANTHEM-UC Phase 2b study, and remains eligible for up to an additional $795 million in further development and sales milestone payments with respect to JNJ-2113. The Company will also earn upward tiering royalties of 6%-10%, with the 10% tier applicable for net sales of greater than $4 billion.