BMS drops $80 million neurodegeneration program after phase-1 results

BMS announced it will not move forward with a neurodegeneration drug it licensed from Prothena, ending a program it invested $80 million in.

The drug, known as BMS-986495 (formerly PRX019), completed a phase 1 study in healthy volunteers earlier this year. BMS said the decision was based on review of the phase 1 data, but did not share the results or reasons.

The termination means Prothena will not receive a potential $55 million milestone payment that would have been triggered by further development. BMS had originally paid $80 million for exclusive global rights in May 2024 and later expanded rights for $55 million in July 2023.

Despite ending this candidate, BMS said its broader neuroscience collaboration with Prothena continues, including work on moponetug, an Alzheimer’s disease candidate currently in phase 2.