Portola receives $50 million loan from Bristol-Myers, Pfizer

Portola Pharmaceuticals has signed a $50 million loan agreement with Bristol-Myers Squibb and Pfizer that gives Portola supplementary funds to allow for the development and clinical trials of AndexXa.
AndexXa is being developed as a possible antidote for Factor Xa inhibitors.
“This agreement reflects the commitment and support of the andexanet alfa program by our long-standing partners BMS and Pfizer and helps Portola to continue moving rapidly toward our goal of gaining regulatory approval in 2017,” Portola Chief Commercial and Business Officer Tao Fu said. “We are committed to working with the FDA to bring AndexXa to market as patients currently have no approved antidote available to reverse Factor Xa inhibitors.”
According to the agreement, Portola will receive $25 million from Bristol-Myers and Pfizer. Portola will primarily repay the investment through royalties on the commercial sales of AndexXa. The loan does not bring with it any shares, warrants, options or other equity components. No patent ownerships or licenses will be transferred as part of the non-secured loan.
Portola recently entered into two separate agreements for clinical partnerships with Bristol-Myers and Pfizer that enabled it to conduct a Phase 2 and registrational studies.