Shares of Portola Pharmaceuticals (PTLA) - Get Portola Pharmaceuticals, Inc. Report were up 4%, to $29.65, in premarket trading Friday. The South San Francisco, Calif.-based company has inked a $150 million royalty pact with HealthCare Royalty Partners for the development and commercialization of andexanet alfa, a potential antidote for Factor Xa inhibitors.
Portola received $50 million at the transaction's close and could receive an additional $100 million upon U.S. Food and Drug Administration approval of AndexXa (andexanet alfa) in exchange for a tiered, mid-single-digit royalty based on global sales of the agent.
The agreement with HealthCare Royalty Partners is subject to total royalty payments of up to 195% of the $150 million funded by HCR, at which point the agreement would expire.
In August, Portola received a complete response letter from the FDA regarding its application for andexanet alfa. The company said it expects to resubmit the application within the first half of 2017.
Other biotech stock movers on Friday morning include Esperion Therapeutics (ESPR) - Get Esperion Therapeutics, Inc. Report , up 10% to $14, and Medicines (MDCO) - Get Medicines Company Report , up 9% to $41.50.