(Reuters) -Johnson & Johnson is in discussions to buy Protagonist Therapeutics, a source familiar with the matter told Reuters. Shares of Protagonist surged more than 30% in afternoon trading. The company had a market capitalization of $4.2 billion as of Thursday's close. The two companies are working on the development of an oral treatment, icotrokinra, for immune diseases, including plaque psoriasis and ulcerative colitis, with J&J holding the exclusive rights to commercialize the product. Protagonist declined to comment, and J&J did not immediately respond to Reuters' requests for comment. The Wall Street Journal reported the matter earlier in the day. (Reporting by Sabrina Valle in New York and Kamal Choudhury in Bengaluru; Editing by Anil D'Silva, Tasim Zahid and Shinjini Ganguli)
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