Portola nets $150M deal with HealthCare Royalty Partners

Portola Pharmaceuticals
Portola Pharmaceuticals

Portola Pharmaceuticals has signed a $150 million royalty deal with HealthCare Royalty Partners (HCR).

Portola received $50 million, and could get another $100 million if the U.S. Food and Drug Administration (FDA) clears AndexXa agent (andexanet alfa), in exchange for a royalty based on worldwide sales of the agent.

Portola’s chief executive officer Bill Lis, said that money from HCR ouwld be used to fund operations in a non-dilutive manner and launch agent, which could be used by tens of thousands of patients.

Dr. Warren Cooper, chief medical officer and managing director at HCR, said: “We are very pleased to partner with Portola to help fund the development and commercialization of andexanet alfa. 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.”

Portola further said that it has received a Complete Response Letter from the FDA regarding its Biologics License Application for andexanet alfa in August 2016, and expects to resubmit the application in the first half of 2017. In the EU, the European Medicines Agency is reviewing the Marketing Authorization Application for andexanet alfa, the company has said.