Prothena is getting ready to weigh strategic options that may include a sale or partnership, according to a Bloomberg report Monday citing people familiar with the matter. Company shares jumped roughly 23% on the news, giving it a market value of about $2.9 billion.
Prothena is working on a closely-watched anti-amyloid beta antibody for Alzheimer's disease, with the rumours surfacing ahead of key data on the drug expected in the coming months. Prothena's portfolio includes PRX012, a next-generation subcutaneously delivered anti-amyloid beta antibody, currently in an ongoing Phase I study for the treatment of Alzheimer's disease.
According to Monday's Bloomberg report, sources said Prothena would likely attract interest from large drugmakers if it decides to move forward with a potential sale or tie-up. The report noted that deliberations are still in the early stages, and Prothena could decide to remain independent for longer, particularly if the data due later this year turn out to be negative.