Akebia Therapeutics (AKBA) - Get Report has announced a licensing deal with Otsuka Pharmaceutical of Japan. The deal fully funds late-stage clinical trials of the company's experimental anemia pill in exchange for 50% of the U.S. commercial rights. Akebia estimates total U.S. sales of injectable anemia drugs to treat kidney disease patients will be $3.5 billion annually. Otksuka is paying $125 million to Akebia upfront, plus another $35 million in the first quarter of 2017. Otsuka is also obligated to pay a minimum of $105 million to fund the clinical trials.