Portola enters deals for andexanet alfa in Japan worth up to $120 million

US pharma majors Bristol-Myers Squibb (NYSE: BMY) and Pfizer (NYSE: PFE) have entered into a collaboration agreement with Portola Pharmaceuticals (Nasdaq: PTLA) to develop and commercialize the investigational agent andexanet alfa in Japan.

Andexanet alfa, which is in Phase III clinical development in the USA and Europe, is designed to reverse the anticoagulant activity of Factor Xa inhibitors, including Eliquis (apixaban). The news pushed Portola’s shares up 3.33% to $34.13 in mid-morning trading.

Separately, Portola has entered into a clinical collaboration agreement with German drug major Bayer (BAYN: DE) to include its Factor Xa inhibitor Xarelto (rivaroxaban) in this clinical development program in Japan.
Three oral Factor Xa inhibitors are currently on the market in Japan - Bristol-Myers and Pfizer's apixaban, Bayer HealthCare's rivaroxaban, and Daiichi Sankyo's (TYO: 4568)Lixiana (edoxaban) - but an antidote is not yet approved. A universal antidote for Factor Xa inhibitors is needed for certain patients in Japan, as the clinical use of these novel oral anticoagulants is growing.