Protagonist believes its oral IL-23 blocker will not just compete with existing injectables but will capture a new market. They target the over 50% of eligible patients who currently take no therapy due to a dislike of injections or the safety profiles of other oral options, thereby expanding the total addressable market.
Protagonist can opt out of its co-development deal with Takeda post-NDA filing. This move triggers a $400 million payment and converts the partnership to a high-royalty model (14-29%). This structure allows them to de-risk commercialization while retaining significant financial upside, effectively creating a lucrative licensing deal on demand.
Acknowledging its late entry into the crowded obesity market, Protagonist consulted key opinion leaders to define the ideal drug profile: an oral "triple G" agonist. By using its peptide platform to build exactly what experts requested, the company aims to leapfrog competitors with a best-in-class product rather than an incremental improvement.