, under its license, development, and commercialization agreement with Roche
, will receive the $30 million upfront payment from Roche, triggered by the expiration of the Hart-Scott-Rodino waiting period. The companies entered the worldwide collaboration in December 2013 to develop and commercialize antibodies that target α-synuclein, including PRX002, Prothena's monoclonal antibody for the treatment of Parkinson's disease, which is currently in preclinical development and is expected to enter Phase I trials this year.
"This initial payment of $30 million marks the beginning of Prothena's collaboration with Roche, to co-develop and potentially co-commercialize PRX002," said Dale Schenk, Ph.D., president and chief executive officer of Prothena. "Prothena and Roche aim to develop PRX002 as a disease modifying treatment for Parkinson's disease and potentially other synucleinopathies, and so we very much look forward to working with Roche to initiate Phase I studies for PRX002 in the coming months.