Protagonist Therapeutics (NASDAQ: PTGX) announced that its board of directors has authorized a share repurchase program of up to $300 million of its outstanding common stock.
The Newark, California-based biopharmaceutical company said the buyback would be funded using cash, cash equivalents, and marketable securities, along with royalties and payments from collaboration agreements with Takeda Pharmaceutical Company Limited regarding MIMRYLO (rusfertide) and with Johnson & Johnson regarding ICOTYDE (icotrokinra).
As of June 30, 2026, Protagonist held $849.5 million in cash, cash equivalents, and marketable securities. The company also noted that it expects to receive a $200 million opt-out payment and a $75 million milestone payment from Takeda in the fourth quarter of 2026, having earned them in August 2026. Those amounts were excluded from the June 30 balance sheet figure.
The timing and amount of repurchases will depend on market conditions, the trading price of the company's stock, payments under the collaboration arrangements, alternative capital deployment opportunities, and general market conditions, the company said. The program does not obligate Protagonist to acquire any specific number of shares and may be modified, suspended, or discontinued without prior notice. Transactions may be carried out under Rule 10b5-1 of the Securities Exchange Act of 1934.
Protagonist Therapeutics is a biopharmaceutical company with two FDA-approved medicines. ICOTYDE was launched in the United States in March 2026 to treat moderate-to-severe plaque psoriasis. MIMRYLO is approved in the U.S. to treat erythrocytosis in adults with polycythemia vera.
