AKBA - KERX will merge in a deal that will give KERX shareholders .3743 AKBA shares for each share they own. On the day before the merger their combined MC = $1.13B with a combined $453mn in cash and the potential to save $50mn/yr in cost savings. AKBA Ph3 Anemia drug will address a $4B TAM; however, they will only receive a double-digit tiered royalty from Otsuka ( the owner of the drug).