By Sabela Ojea

Shares of Protagonist Therapeutics on Wednesday rose 5.6% to $26.41 in post-market trading after the company signed a worldwide license and collaboration agreement with Takeda for the development and commercialization of rusfertide.

The clinical-stage biopharmaceutical company said it will receive an upfront payment of $300 million, and that it's eligible to receive further payments depending on milestones.

Protagonist will remain responsible for research and development through the completion of the Phase 3 clinical trial for rusfertide and U.S. regulatory approval.

Takeda gets rights for its development, excluding the U.S., and is responsible for leading global commercialization activities.

Rusfertide is aimed at treating Polycythemia Vera, a rare blood disorder.

Write to Sabela Ojea at; @sabelaojeaguix

(END) Dow Jones Newswires

01-31-24 1858ET