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Portola gets $100M milestone payment on Andexxa approval

Portola Pharmaceuticals Inc. received a $100 million milestone payment from HealthCare Royalty Partners after the U.S. Food and Drug Administration approved its drug to reverse bleeding caused by certain blood thinners.

The biopharmaceutical company entered into a $150 million royalty agreement with the private investment firm in February 2017 in exchange for a tiered, mid-single-digit royalty based on global sales of Andexxa, which is an antidote intended to reverse life-threatening or uncontrolled bleeding caused by Factor Xa inhibitors.

South San Francisco, Calif.-based Portola received $50 million at the closing of the agreement, with an additional $100 million payment dependent upon the approval of the drug from the FDA.

The agreement is subject to a maximum total royalty payment of 195% of the $150 million funded by HealthCare Royalty Partners, at which time the royalty obligation will expire.