Portola Pharmaceuticals signs $150 million royalty agreement

Portola Pharmaceuticals recently signed a $150 million royalty agreement with HealthCare Royalty Partners for Development and Commercialization of Andexanat Alfa, an antidote for Factor Xa inhibitors.
According to the agreement, the company was given $50 million at the time of the closing and will have the option to receive another $100 million if the U.S. Food and Drug Administration approves AndexXa TM, which would be traded for a tiered, mid-single-digit royalty based off worldwide sales. 
The agreement is arranged to expire following a royalty payment of 195 percent of the $150 million that is provided by HealthCare Royalty (HCR).
"We are very pleased to partner with Portola to help fund the development and commercialization of andexanet alfa," HCR Chief Medical Officer and Managing Director Dr. Warren Cooper said. "Once approved, it will be the first antidote available for the increasing number of patients admitted to the hospital with a major bleeding episode who currently have no options to reverse the effect of anticoagulation."
Andexanet alfa also is being reviewed by the European Medicines Agency.
"We are looking forward to partnering with HCR on this financing, which will provide us with capital to fund our operations in a non-dilutive manner and successfully launch this potentially lifesaving agent for the benefit of tens of thousands of patients," Portola CEO Bill Lis said.