ARDX - Ardelyx secures $20M financial deal with HealthCare Royalty on tenapanor potential sale

• Ardelyx ( NASDAQ: ARDX ) stated Thursday it has signed a financing deal with HealthCare Royalty Partners to receive up to $20M on the the sale of its future royalties and sales milestones from Kyowa Kirin.
• Kyowa Kirin is Ardelyx' collaboration partner in Japan for the commercialization of its new drug Xphozah (tenapanor) to control serum phosphorus in adult patients with chronic kidney disease (CKD) on dialysis.
• Under the agreement terms, Ardelyx will receive from HealthCare Royalty a $10M upfront payment, an additional $5 following Kyowa Kirin's receipt of regulatory approval to market tenapanor for hyperphosphatemia in Japan and $5M in the event net sales in Japan exceed a certain target level by 2025.
• "Together with the development milestones that may become due under the license agreement with Kyowa Kirin and the payments that may become due to Ardelyx under the recent amendment to the license agreement with Kyowa Kirin, we now have the opportunity to receive up to $85 million in non-dilutive capital based on the potential of tenapanor for hyperphosphatemia in Japan," said Mike Raab, president and chief executive officer of Ardelyx.
• Stock is up 7% in premarket trading on Thursday.
• Earlier: Ardelyx stock rises ~13% as kidney disease drug gets FDA panel meeting in November

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