Bristol-Myers, Pfizer Join With Portola To Develop Andexanet Alfa In Japan

(RTTNews) - Bristol-Myers Squibb Company (BMY) and Pfizer Inc. (PFE) announced they have entered into a collaboration agreement with Portola Pharmaceuticals Inc. (PTLA) to develop and commercialize the investigational agent andexanet alfa in Japan. Bristol-Myers Squibb and Pfizer will co-fund with Portola the development and commercialization of andexanet alfa in Japan.

Portola will receive an upfront payment of $15 million, potential regulatory milestones of $20 million and sales-based milestones of $70 million as well as compensation based on andexanet alfa net sales. Portola will retain rights to andexanet alfa outside of Japan and remain responsible for the manufacturing supply.

Andexanet alfa, which is in Phase 3 clinical development in the U.S. and Europe, is an investigational drug, a modified human Factor Xa molecule that acts as a decoy to target and sequester with high specificity both oral and injectable Factor Xa inhibitors in the blood.