Horsham’s Janssen Biotech has entered into a global licensing and collaboration agreement with California’s Protagonist Therapeutics, writes John George for Philadelphia Business Journal.

The deal, worth an estimated $990 million, is to develop, manufacture and commercialize an experimental treatment of Crohn’s disease called PTG-200.

As part of the agreement, Protagonist will get an upfront payment of $50 million and up to $940 million in milestone payments during the drugs development and commercialization. If the drug is approved, Protagonist would then receive royalties on net sales.

The agreement, which is subject to regulatory review, should be finalized in the third quarter of this year.

Read more Janssen Biotech’s agreement at Philadelphia Business Journal by clicking here.