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Johnson & Johnson: acquisition of Proteologix completed

( - Johnson & Johnson announced on Friday that it had successfully completed the acquisition of Proteologix, an $850m deal that it initially announced last month.
NB: pmt almost flat

J&J says that the transaction will enable it to strengthen its positioning in the field of bispecific antibody treatment of atopic dermatitis (eczema).

PX128, Proteologix's lead drug candidate, is a molecule targeting both IL-13 cytokines and thymic stromal lymphopoietin (TSLP) about to enter phase 1 clinical trials.

It is being developed for both moderate-to-severe atopic dermatitis and asthma.

In addition to PX128, the transaction will give the company access to PX130, another eczema program, and a whole range of other specific antibodies that can be studied in various therapeutic areas.

In addition to the initial cash consideration of $850m, the transaction may include additional milestone payments depending on the progress of the various projects.

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