Pfizer and Bristol-Myers Squibb Enter Into Agreement with Portola

Bristol-Myers Squibb and Pfizer announced on Feb. 1, 2016 that the companies have entered into a collaboration agreement with Portola Pharmaceuticals to develop and commercialize the investigational agent andexanet alfa in Japan. Andexanet alfa, which is in Phase III clinical development in the United States and Europe, is designed to reverse the anticoagulant activity of Factor Xa inhibitors, including Eliquis (apixaban).

Under the terms of the agreement, 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. Bristol-Myers Squibb and Pfizer will co-fund with Portola the development and commercialization of andexanet alfa in Japan. Portola will retain rights to andexanet alfa outside of Japan and remain responsible for the manufacturing supply.

This agreement builds on the companies’ existing clinical collaboration to develop andexanet alfa in the US and Europe. In December 2015, Portola announced it had completed the submission of a biologics license application to FDA for andexanet alfa and was awaiting acceptance for filing. FDA assigned a Prescription Drug User Fee Act date of August 17, 2016, under an accelerated approval pathway. Portola has stated that it plans to submit an European Union application in 2017.