Otsuka pulls out of renal anemia deal with Akebia
Japanese drugmaker Otsuka (TYO: 4578) says it has decided to terminate its global license agreements with Akebia Therapeutics for vadadustat, under development as an oral treatment for anemia associated with chronic kidney disease (renal anemia).
News of Otsuka’s decision pushed Akebia’s shares down 15.5% to $0.38 in pre-market trading today.
These licenses were signed in in December 2016 for the USA and April 2017 for Europe and other regions. Under the terms of the agreement, Akebia received $265 million in committed funds plus development and commercial milestones, representing a total transaction value that could have exceeded $1 billion.
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