Portola Pharma assigns AndexXa royalties to investment firm HCR

Portola Pharmaceuticals (Nasdaq: PTLA) has signed a $150 million royalty agreement with HealthCare Royalty Partners (HCR), a private investment firm that purchases royalties.

Under the terms of the agreement, Portola received $50 million at closing and may receive an additional $100 million upon US Food and Drug Administration approval of AndexXa (andexanet alfa) in exchange for a tiered, mid-single-digit royalty based on worldwide sales of the agent. The agreement is subject to a maximum total royalty payment of 195% of the $150 million funded by HCR, at which time the agreement would expire.

An FDA-designated Breakthrough Therapy, AndexXa is in development for patients treated with a direct (apixaban, Bristol-Myers and Pfizer’s Eliquis, rivaroxaban, Bayer’s Xarelto, or edoxaban) or indirect (enoxaparin) Factor Xa inhibitor when reversal of anticoagulation is needed due to life-threatening or uncontrolled bleeding.