Protagonist Therapeutics confirmed it will opt out of a profit‑sharing agreement with Takeda for its hematology asset rusfertide and instead take a one‑time $400 million cash payment. The decision is contingent on contractual terms and reflects strategic hedging while the FDA weighs rusfertide’s regulatory path. The move gives Protagonist upfront capital and clarity on commercialization proceeds should the asset gain approval; it also shifts downstream economics away from a revenue‑share model with Takeda. The timing comes as the FDA continues review activities in several hematology programs and as partners weigh commercial risk‑reward for rare disease drugs. Investors and industry observers will watch whether the cash option accelerates Protagonist’s ability to fund further development and commercialization activities independently or to redeploy capital across its pipeline.