Akebia Therapeutics rises on patent conflict settlement with Zydus

Akebia Therapeutics

02/06/2023 13:52

** Shares of drugmaker Akebia Therapeutics Inc  AKBA.O  rise
5.5% to $1.15 premarket
    ** Co settles patent conflicts regarding anemia drug,
Auryxia, with Zydus who sought FDA approval to market generic
version of the drug prior to patent expiry
    ** On May 30, co's unit Keryx Biopharma and Panion & BF
Biotech Inc entered into a settlement agreement with Zydus
Worldwide DMCC, Zydus Pharma and Zydus Lifesciences Ltd 
    ** Under terms, parties will terminate all ongoing
litigations on each other regarding Auryxia patent
    ** Subject to FDA approval, co will grant Zydus a license to
market the generic version in the U.S., starting March 20, 2025
or earlier 
    ** Co has similar agreements with Teva Pharmaceuticals USA
Inc  TEVA.N , Watson Laboratories Inc, Par Pharmaceutical Inc
 SKYGRP.UL , Lupin Atlantis Holdings SA, Chemo Research S.L.,
and Mylan Pharmaceuticals Inc
    ** AKBA forecasts Auryxia revenue of $175-$180 mln for 2023 
    ** Stock up 89% YTD

 (Reporting by Aditya Samal)
 ((Aditya.Samal@thomsonreuters.com;))