Portola Pharmaceuticals (PTLA -10%) enters into a second clinical collaboration agreement with Daiichi Sankyo to study andexanet alfa, PTLA's investigational Factor Xa inhibitor antidote in a Phase 3 clinical trial with Daiichi's Factor Xa inhibitor edoxaban. Portola's first collaboration agreement covered a Phase 2 proof-of-concept study. The Phase 3 trial is expected to commence in 2015.
Under the terms of the agreement, Portola will receive an upfront payment as well as development- and regulatory-related milestone payments. It retains full worldwide commercial rights to andexanet alfa for which it is pursuing an Accelerated Approval pathway.