Plotted by close date where disclosed, otherwise announcement. Select any marker to jump to the deal entry.
Three patterns run through Akebia Therapeutics's acquisitions — what it looks for, how it pays, and how it folds in what it buys.
2 acquisitions — each with the deal value, financing structure, target revenue, and executive commentary where disclosed.
Akebia combined with Keryx Biopharmaceuticals in an all-stock merger of equals, with Keryx becoming a wholly owned subsidiary of Akebia and Akebia surviving as the combined company (still named Akebia Therapeutics, Inc.). The transaction was structured through Alpha Therapeutics Merger Sub, Inc., which merged into Keryx. It consolidated Keryx's FDA-approved oral CKD product Auryxia (ferric citrate) with Akebia's investigational Phase 3 oral HIF-PHI candidate vadadustat under one renal-focused company. All-stock merger of equals; implied pro forma equity value of approximately $1.3 billion (based on Keryx and Akebia closing prices on June 27, 2018, assuming full conversion of Keryx's convertible notes). No cash consideration except cash in lieu of fractional shares.
The strategic and financial drivers of this merger are compelling. The combined company will have an expanded and highly complementary nephrology portfolio, with Auryxia, a product with significant growth opportunity, and vadadustat, an investigational late-stage HIF-PHI that has the potential to provide a new oral standard of care to patients with anemia due to CKD.John P. Butler — President and Chief Executive Officer, Akebia Therapeutics
Bringing Keryx together with Akebia represents a unique, value-enhancing opportunity for stakeholders of both companies. Akebia shareholders gain access to the only oral iron tablet approved in the United States to treat dialysis dependent CKD patients for hyperphosphatemia and non-dialysis dependent CKD patients for iron deficiency anemia.Jodie Morrison — Interim Chief Executive Officer, Keryx Biopharmaceuticals
Akebia entered into an Asset Purchase Agreement with Q32 Bio Inc. and Q32 Bio Operations Inc. under which it purchased and assumed substantially all of the assets and liabilities related to the research, development, manufacture and commercialization of Q32's clinical-stage candidate ADX-097 worldwide. ADX-097 (renamed AKB-097) is a tissue-targeted C3d-Factor H fusion protein complement inhibitor that has been evaluated in a Phase 1 trial in healthy volunteers and is intended to treat rare kidney diseases. The purchase established Akebia's rare kidney disease pipeline alongside praliciguat. Cash plus milestones and royalties: $7.0 million upfront on closing, plus a further $3.0 million upfront at the six-month anniversary; up to $94.5 million in development and regulatory milestones; up to $487.5 million in commercial (net-sales) milestones; and tiered royalties ranging from low-single-digit to mid-teen percentages of net sales.
Our commitment to patients with kidney disease is supported by two pillars of our corporate strategy: first, to drive Vafseo to become standard of care in anemia due to CKD in dialysis, and second, to build and progress our kidney disease pipeline. We are excited to take an important step forward as a company with the establishment of our rare kidney disease development pipeline.John P. Butler — Chief Executive Officer, Akebia Therapeutics