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Akebia expands anemia drug deal with Otsuka

April 25, 2017

Akebia Therapeutics Inc. AKBA, +0.64% shares jumped in the extended session Tuesday after the biotech company said it expanded its collaboration with Otsuka Pharmaceutical Co., part of Otsuka Holdings Co. 4578, -0.52% on an anemia treatment. Akebia shares rallied 29% to $12.10 after hours. The company said it expanded its collaboration with Otsuka on the drug vadadustat to exend into Europe, China, and other markets. Vadadustat is currently in late-stage clinical trials for the treatment of anemia in patients with chronic kidney disease. The agreement expands on one where both companies would equally share the development and commercial costs of vadadustat for the U.S. market. Under the agreement, Akebia will receive at least $208 million from Otsuka with possibly up to $658 million in milestone payments.

http://on.mktw.net/2oHFNj0

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