Item 8.01 Other Events
On June 12, 2020, Portola Pharmaceuticals, Inc. ("Portola") received written
notice of termination from Bayer AG, successor to Bayer Pharma AG ("Bayer") of a
certain Clinical Collaboration Agreement, dated February 1, 2016, by and between
Portola and Bayer (the "Agreement"). The Agreement permits termination by Bayer
within 90 days of receiving written notice from Portola that its Third Party
Collaboration Partner (as defined in the Agreement) has terminated the Third
Party Agreement (as defined in the Agreement) with Portola for the development
and commercialization of andexanet alfa in Japan as a reversal agent for Factor
Xa inhibitors, including rivaroxaban.
Pursuant to the terms of the Agreement, the termination became effective on June
12, 2020 and the parties will work together to unwind the Agreement.
As disclosed by Portola on April 9, 2020, Portola informed Bayer that Portola
had agreed to terminate its Collaboration and License Agreement with
Bristol-Myers Squibb Company ("BMS") and Pfizer, Inc. ("Pfizer"), and received
written notice of termination from BMS and Pfizer on April 3, 2020. Following
the BMS and Pfizer termination, Portola regains full rights in Japan for
andexanet alfa. Currently, 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.
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