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United States. Securities and Exchange Commission

Portola Pharmaceuticals Receives Notice of Termination for Clinical Collaboration Agreement with Bayer

Strategic Insights

— 1 min read

Portola Pharmaceuticals, Inc. recently received written notice of termination from Bayer AG for a Clinical Collaboration Agreement dated February 1, 2016. This termination allows Portola to regain full rights in Japan for the development and commercialization of andexanet alfa, a reversal agent for Factor Xa inhibitors. The notice was given on June 12, 2020, marking the effective termination of the agreement. This development comes after Portola's disclosure on April 9, 2020, that it had agreed to terminate its Collaboration and License Agreement with Bristol-Myers Squibb Company and Pfizer, Inc.

Key Takeaways:

  • Portola Pharmaceuticals, Inc. received written notice of termination from Bayer AG on June 12, 2020, for a Clinical Collaboration Agreement dated February 1, 2016.
  • The termination allows Portola to regain exclusive rights to develop and commercialize andexanet alfa in the United States, Europe, Japan, and the rest of the world markets.
  • Japan represents the third largest market for Factor Xa inhibitors after the United States and the EU 5 countries.
  • The termination of the agreement is a result of Bayer's notification, which came after Portola informed Bayer of its intention to terminate its Collaboration and License Agreement with Bristol-Myers Squibb Company and Pfizer, Inc. on April 9, 2020.
  • As disclosed on April 9, 2020, Portola had agreed to terminate its Collaboration and License Agreement with Bristol-Myers Squibb Company and Pfizer, Inc., which led to their termination notice on April 3, 2020.
  • The parties will work together to unwind the agreement, and Portola regains full rights to andexanet alfa in Japan.

Statistics:

  • The agreement was formulated on February 1, 2016.
  • The termination became effective on June 12, 2020.
  • Japan represents the third largest market for Factor Xa inhibitors.
  • The United States and EU 5 countries represent the first and second largest markets, respectively.

Sources:

  • UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  • Portola Pharmaceuticals, Inc.'s FORM 8-K filing with Securities and Exchange Commission on June 17, 2020.

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