- Protagonist and J&J launched oral psoriasis pill Icotyde earlier this year.
- Icotyde is the first oral psoriasis drug with efficacy approaching injectable biologics.
- Protagonist receives tiered royalties of 6-10% on global Icotyde sales plus milestone payments.
- Protagonist stock has more than doubled in the past year; market cap ~$9B.
- FDA approved Protagonist's second drug, Mimrylo (injectable, partnered with Takeda), for rare blood cancer last month.
- Protagonist pipeline includes wholly owned oral autoimmune drug targeting a different pathway and a metabolic/obesity program.
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