Protagonist climbs after FDA approves oral psoriasis drug

Shares of Protagonist Therapeutics PTGX.O rise 4.4% to $101.50 premarket

Drugmaker says U.S. FDA approved its and partner Johnson & Johnson's JNJ.N oral drug Icotyde, which delivers skin clearance in patients with a form of plaque psoriasis

Icotyde was jointly discovered by Protagonist and JNJ scientists, with Protagonist having primary responsibility through early-stage development and Johnson & Johnson assuming responsibility for further development and commercialization

PTGX says the FDA approval triggered a $50 million milestone payment, adding it is eligible to receive 6% to 10% royalties on sales and up to $580 million in future milestone payments

PTGX stock more than doubled in 2025