Item 8.01 Other Events
Following discussions, Portola Pharmaceuticals, Inc. ("Portola"), Bristol-Myers
Squibb Company ("BMS") and Pfizer, Inc. agreed to terminate the Collaboration
and License Agreement among the parties, dated February 1, 2016, for the
development and commercialization of andexanet alfa in Japan. As a result, on
April 3, 2020 Portola received a written notice of termination from BMS and
Pfizer and will regain full Japanese rights for andexanet alfa. Japan represents
the third largest market for Factor Xa inhibitors after the United States and
the EU 5 countries. Portola will have exclusive rights to develop and
commercialize andexanet alfa in the United States, Europe, Japan and rest of the
world markets.
Pursuant to the terms of the agreement, the termination will be effective on
October 2, 2020 and over the next 180 days Portola intends to work
collaboratively with BMS, Pfizer and Japanese regulators to transition the
andexanet alfa Japanese development and commercialization program to Portola,
and advance the plans for regulatory filing.
Under the terms of the original agreement, Portola received an upfront payment
of $15 million and had the right to receive potential regulatory milestones of
up to $20 million and sales-based milestones of up to $70 million, as well as
compensation based on andexanet alfa net sales in Japan.
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