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PTLA: $100M milestone payment!

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H2R   Thursday, 05/24/18 03:30:07 PM
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PTLA: $100M milestone payment!

That should help the cash position of the company and support the launch of the now FDA approved Andexxa!!!


Quote:
Portola Pharmaceuticals Receives $100 Million Milestone Payment from HealthCare Royalty Partners for FDA Approval of Andexxa®
Thu May 24, 2018 8:30 AM|GlobeNewswire|About: PTLA

SOUTH SAN FRANCISCO, Calif., May 24, 2018 (GLOBE NEWSWIRE) -- Portola Pharmaceuticals, Inc.® (Nasdaq:PTLA) today announced that the company has received a $100 million milestone payment from HealthCare Royalty Partners (HCR) following the U.S. Food and Drug Administration (FDA) approval of Andexxa [coagulation Factor Xa (recombinant), inactivated-zhzo] on May 3, 2018.

In February 2017, Portola entered into a $150 million royalty agreement with HCR in exchange for a tiered, mid-single-digit royalty based on worldwide sales of Andexxa. Portola received $50 million at closing, with an additional $100 million payment contingent upon the FDA approval of Andexxa. The agreement is subject to a maximum total royalty payment of 195 percent of the $150 million funded by HCR, at which time the royalty obligation will expire.

“Our partnership with HCR provides us with non-dilutive capital to fund the further development and commercialization of Andexxa,” said Bill Lis, chief executive officer of Portola. “We appreciate HCR’s support during this pivotal time in the Company’s evolution and their recognition of the life-saving potential of Andexxa as a reversal agent for Factor Xa inhibitor-related bleeding.”

“We are pleased to support the Company’s ongoing efforts to bring novel medicines like Andexxa to physicians and patients,” said Clarke Futch, managing partner and chairman of HCR’s Investment Committee.


https://seekingalpha.com/pr/17173443-portola-pharmaceuticals-receives-100-million-milestone-payment-healthcare-royalty-partners

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