Business
Akebia Reports Fourth Quarter and Full-Year 2020 Financial Results and Provides Business Updates
- Full-year 2020 net product revenue increases to $128.9 million, up 16% from 2019 - Company on track to submit vadadustat NDA by mid-second quarter 2021 -
About this update from Akebia Therapeutics, Inc.
[{"type":"text","content":"- Full-year 2020 net product revenue increases to $128.9 million, up 16% from 2019\n - Company on track to submit vadadustat NDA by mid-second quarter 2021\n - LeAnne M. Zumwalt, dialysis industry leader, joins Board of Directors\n - Strengthens balance sheet and reinforces cash runway with $60 million non-dilutive transaction with HealthCare Royalty\n\n\nCAMBRIDGE, Mass., Feb. 25, 2021 /PRNewswire/ -- Akebia Therapeutics, Inc. (Nasdaq: AKBA), a biopharmaceutical company with the purpose of bettering the lives of people impacted by kidney disease, today reported financial results for the fourth quarter and full-year ended December 31, 2020 and provided business updates. The Company will host a conference call today, Thursday, February 25, 2021, at 9:00 a.m. Eastern Time.\n\n \n \n \n \n \n \n\n \nAkebia also announced a $60 million non-dilutive transaction with an entity managed by HealthCare Royalty Management, LLC (HCR), to monetize the Company's rights to receive royalties and sales milestones on vadadustat net sales under its collaboration agreement with Mitsubishi Tanabe Pharma Corporation (MTPC). MTPC has the exclusive rights to commercialize vadadustat in Japan, where it is currently marketed under the trade name Vafseo™ (vadadustat), and certain other Asian countries. Under the terms of the agreement with HCR, Akebia receives an upfront cash payment of $45 million and is eligible to receive an additional $15 million if certain sales milestones are achieved. In exchange, HCR has the right to receive Vafseo royalties and sales milestones due to the Company under its collaboration agreement with MTPC, subject to an annual cap of $13 million and an aggregate cap of $150 million. After the annual cap is met in a given calendar year, Akebia will recognize 85 percent of Vafseo royalties and sales milestones from MTPC for that year. After the aggregate cap is met, Akebia will recognize 100 percent of Vafseo royalties and sales milestones until this revenue stream ends under the terms of the Company's collaboration agreement with MTPC. The transaction does not include potential future regulatory milestones to be paid by MTPC. \n\"2020 was a year of focused execution for Akebia as we advanced vadadustat, our investigational oral hypoxia-inducible factor prolyl hydroxylase inhibitor (HIF-PHI), and executed on our commercial priorit...