美股IPO·2025-10-11 23:47Core Viewpoint - Johnson & Johnson (NYSE: JNJ) is in acquisition talks with Protagonist Therapeutics (NASDAQ: PTGX), which has led to a significant increase in Protagonist's stock price, closing at $8.7, a rise of approximately 30% with a market capitalization of $540 million [2]. Group 1: Acquisition Details - The details of the potential acquisition are not finalized, and the terms under discussion may not be guaranteed [5]. - The expected deal would significantly exceed Protagonist's market value, including a premium, and would enhance Johnson & Johnson's portfolio in immunology and oncology through two experimental drugs [5]. Group 2: Collaboration and Product Development - Johnson & Johnson and Protagonist are collaborating on the oral IL-23 inhibitor, Icotrokinra, which is aimed at treating immune diseases such as plaque psoriasis and ulcerative colitis, with Johnson & Johnson holding exclusive commercialization rights [6][8]. - Johnson & Johnson has already submitted a new drug application to the FDA for Icotrokinra to treat plaque psoriasis, following the loss of patent exclusivity for its product Stelara [8]. Group 3: Financial Aspects and Milestones - The collaboration includes potential financial milestones, with an upfront payment and milestone achievements totaling $337.5 million, alongside royalties of 6% to 10% on net sales exceeding $4 billion [6]. - Upcoming potential milestones through 2028 include various payments for marketing approvals and NDA filing acceptances, totaling an estimated $155 million [6]. Group 4: Market Performance - Protagonist's stock has more than doubled this year, with a notable 45% increase in March due to encouraging results from late-stage trials of Rusfertide, a treatment for polycythemia vera [12].