Celgene has entered into an agreement with biotech Prothena in order to acquire the rights to three Alzheimer’s drug candidates based on three proteins identified by Prothena. Specifically, under the agreement, the companies will co-develop the drug candidates. Should these complete Phase 1, Celgene will be entitled to ask for a global commercialization license, provided that it pays for clinical trials and marketing costs. Celgene will pay Prothena $100m, plus an additional $50m in exchange for Prothena’s shares. Moreover, Prothena will receive royalties up to $2bn on net sales of any resulting marketed products. As many people expected, small biotech companies are delivering new therapies after big pharma companies have failed to find a cure to Alzheimer’s. Prothena’s shares have risen over 2% (Nasdaq), while Celgene’s have lost 0.3%.