Tossed in a storm of controversies, Proteostasis finds shelter in $100M cash Roche deal — shares surge
After a tumultuous year marked by a vicious short attack, a yanked stock offering and encouraging early data on its cystic fibrosis (CF) doublet, tiny biotech Proteostasis Therapeutics has won the endorsement of mighty Roche, which has seized the rights to potential small molecule modulators with undisclosed targets from the embattled company.
Under the deal — which does not include the controversial company’s CFTR modulators and its drugs-in-development or research programs in CF — Proteostasis is eligible to receive upfront and milestone payments of over $100 million. The Swiss drugmaker $RHBBY is now in charge of all R&D expenses for the program, and if any approved products emerge from the deal, Proteostasis will make tiered royalties on sales.
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