Portola Pharmaceuticals said today it has sold the royalty rights to AndexXa™ (andexanet alfa) to HealthCare Royalty Partners (HCR) for up to $150 million, in a deal designed to fund further development and commercialization of its Factor Xa inhibitor antidote candidate.

HCR will receive a tiered, mid-single-digit royalty based on worldwide sales of AndexXa, in return for paying Portola $50 million upfront—and $100 million upon FDA approval of the candidate.

Portola said it will use the proceeds from the deal toward continued clinical and regulatory activities, as well as for planned development and commercialization of AndexXa, a recombinant protein that has FDA’s Breakthrough Therapy designation.

AndaxXa is a modified human Factor Xa molecule designed to reverse the anticoagulant effect in patients treated with an oral or injectable Factor Xa inhibitor. According to Portola, AndaxXa is the first compound under study as an antidote for Factor Xa inhibitors that directly and specifically reverses anti-Factor Xa activity. There is no FDA-approved antidote for Factor Xa inhibitors.

“We are looking forward to partnering with HCR on this financing, which will provide us with capital to fund our operations in a nondilutive manner and successfully launch this potentially life-saving agent for the benefit of tens of thousands of patients,” Portola CEO Bill Lis said in a statement.

Portola’s Biologics License Application for AndexXa had been on an accelerated approval track in August 2016 when the FDA issued a Complete Response Letter asking Portola in part to “provide additional information primarily related to manufacturing,” the company disclosed.

“The agency also asked for additional data to support inclusion of edoxaban and enoxaparin in the label, and indicated it needs to finalize its review of the clinical amendments to Portola’s post-marketing commitments that recently were submitted,” Portola also said at the time.

Portola said today it expects to resubmit its BLA to the FDA in the first half of 2017.

In the EU, AndexXa’s marketing authorization application is under review by the European Medicines Agency.

AndexXa is one of three clinical programs under development by Portola. The other two are betrixaban, an oral, once-daily Factor Xa inhibitor, and cerdulatinib, a spleen tyrosine kinase/Janus kinase (Syk/JAK) inhibitor in development to treat hematologic cancers.

HCR is a private investment firm that purchases royalties and uses debt-like structures to invest in commercial or near-commercial-stage life science assets. HCR has $3.4 billion in cumulative capital commitments, as well as offices in Stamford, CT, San Francisco, and Boston.

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