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Portola secures $50M loan from Bristol-Myers Squibb, Pfizer

Bristol-Myers Squibb Co. and Pfizer Inc. are lending $50 million to Portola Pharmaceuticals Inc. to help advance AndexXa, the company's potential antidote for Factor Xa inhibitors.

Bristol-Myers and Pfizer will each loan $25 million, the principal and interest of which will be repaid through royalties on AndexXa's commercial sales.

Portola is targeting regulatory approval of the drug in 2017, which is currently ongoing phase 3b/4 in patients with Factor Xa inhibitor-associated acute major bleeding.

Bristol-Myers Squibb and Pfizer have been collaborating with Portola Pharmaceuticals on the drug in exchange for rights in certain countries.