PALO ALTO, Calif. and OSAKA, Japan, Oct. 17 /PRNewswire/ -- Affymax, Inc. (Nasdaq: AFFY) and Takeda Pharmaceutical Company Limited (TSE: 4502) today announced that they have been awarded the 2007 Deal of Distinction Award from the Licensing Executives Society of the U.S. and Canada (LES) for their innovative global agreement to develop and commercialize Affymax's lead product candidate, Hematide(TM), for the treatment of anemia. The Affymax and Takeda collaboration was recognized by the LES as one of the most notable deals in the healthcare industry sector in the last year.
The 2007 Deal of Distinction Award recognizes worthy transactions involving the transfer and licensing of intellectual property using creative and innovative solutions to business issues. This year, the award was given to parties of only five deals.
"We are pleased to have received this award, which recognizes our strategic alliance with Takeda to develop Hematide worldwide as a potential treatment for anemia associated with chronic renal failure and cancer," said Arlene M. Morris, Affymax's president and chief executive officer. "Affymax and Takeda have made significant progress in the Hematide clinical development program. We recently initiated a Phase 3 clinical program for Hematide, and we look forward to continuing our progress to develop a new treatment option that addresses anemia in chronic renal failure patients."
"We are very pleased that Takeda's partnership with Affymax for Hematide is being recognized by esteemed licensing professionals," said Yasuchika Hasegawa, president, Takeda Pharmaceutical Company Limited. "The collaboration on this potential new entrant to the worldwide anemia market represents an important component of our global growth strategy. We look forward to continued progress in the Hematide clinical development program."
Affymax and Takeda are collaborating on the development of Hematide and will co-commercialize the product in the United States. Takeda has been granted an exclusive, royalty-bearing license to develop and commercialize Hematide outside the United States, including Japan. Under the terms of the collaboration, Affymax received $132 million in upfront and milestone payments and $10 million from the sale of equity. Affymax is eligible to receive development and regulatory milestone payments of up to an additional $345 million and commercial milestone payments upon successful commercialization of Hematide of up to $150 million.
Hematide is a novel synthetic, pegylated peptidic compound that binds to and activates the erythropoietin receptor and thus acts as an erythropoiesis stimulating agent. The investigational product is being developed for the treatment of anemia in patients with chronic renal failure (CRF) and cancer patients receiving chemotherapy.
About Affymax, Inc.
Affymax, Inc. is a biopharmaceutical company developing novel drugs to improve the treatment of serious and often life-threatening conditions. Affymax's lead product candidate, Hematide(TM), is currently in Phase 3 clinical trial stage for the treatment of anemia associated with chronic renal failure and in clinical trials for the treatment of anemia in cancer patients. For additional information, please visit http://www.affymax.com.
Located in Osaka, Japan, Takeda (TSE: 4502) is a research-based global company with its main focus on pharmaceuticals. As the largest pharmaceutical company in Japan and one of the global leaders of the industry, Takeda is committed to striving toward better health for individuals and progress in medicine by developing superior pharmaceutical products. Additional information about Takeda is available through its corporate website, http://www.takeda.com.
This release contains forward-looking statements, including statements regarding the timing, design and results of the Company's clinical trials and drug development program and the timing and likelihood of the commercialization of Hematide. The Company's actual results may differ materially from those indicated in these forward-looking statements due to risks and uncertainties, including risks relating to the continued safety and efficacy of Hematide in clinical development, the potential for once per month dosing, regulatory requirements and approvals, research and development efforts, industry and competitive environment, intellectual property rights and disputes and other matters that are described in the Company's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update any forward-looking statement in this press release.
|SOURCE Takeda Pharmaceutical Company Limited|
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