Bristol Myers Squibb has scrapped a phase 1 program it licensed from Prothena for $80 million.
The program, dubbed BMS-986495, was being developed as a potential treatment for neurodegenerative diseases. Prothena completed a phase 1 study of the drug in healthy adults earlier this year.
A BMS spokesperson confirmed the decision, saying, “Following review of Phase 1 data, we have decided not to advance this program.” BMS did not disclose the phase 1 findings or specify what in the data prompted the decision.
As recently as August, Prothena said it expected BMS to decide whether to advance the program by the end of 2026. Moving the drug forward could have triggered an additional $55 million milestone payment for Prothena.
BMS paid Prothena $80 million in May 2024 for exclusive global rights to the drug, then known as PRX019. The FDA had cleared Prothena's investigational new drug application for the antibody in December 2023.
The companies' neuroscience partnership also includes moponetug, an Alzheimer's disease candidate in phase 2 development. In July 2023, BMS paid $55 million to expand its licensing rights to the drug beyond the U.S.
A BMS spokesperson emphasized Thursday that the broader partnership is continuing, saying, “Our neuroscience collaboration with Prothena continues, including through moponetug (formerly BMS-986446) in Alzheimer's disease.”
The decision follows another recent pipeline cut at BMS involving a drug acquired through a multimillion-dollar deal. In September, BMS axed a CD33-targeting degrader-antibody conjugate it acquired from Orum Therapeutics for $100 million in 2023. That therapy, dubbed ORM-6151, was designed to selectively eliminate cancer cells expressing CD33, with potential applications in acute myeloid leukemia and myelodysplastic syndromes.