Following discussions, Portola Pharmaceuticals, Inc. (“Portola”), Bristol-Myers Squibb Company (“BMS”) and Pfizer, Inc. agreed to terminate the Collaboration and License Agreement among the parties, dated February 1, 2016, for the development and commercialization of andexanet alfa in Japan. As a result, on April 3, 2020 Portola received a written notice of termination from BMS and Pfizer and will regain full Japanese rights for andexanet alfa. Japan represents the third largest market for Factor Xa inhibitors after the United States and the EU 5 countries. Portola will have exclusive rights to develop and commercialize andexanet alfa in the United States, Europe, Japan and rest of the world markets.

to the terms of the agreement, the termination will be effective on October 2, 2020 and over the next 180 days Portola intends to work collaboratively with BMS, Pfizer and Japanese regulators to transition the andexanet alfa Japanese development and commercialization program to Portola, and advance the plans for regulatory filing.

Under the terms of the original agreement, Portola received an upfront payment of $15 million and had the right to receive potential regulatory milestones of up to $20 million and sales-based milestones of up to $70 million, as well as compensation based on andexanet alfa net sales in Japan.

About Portola Pharmaceuticals, Inc. (NASDAQ:PTLA)

Portola Pharmaceuticals, Inc. is a biopharmaceutical company. The Company is focused on the development and commercialization of therapeutics in the areas of thrombosis, other hematologic disorders and inflammation for patients who have limited or no approved treatment options. The Company’s two lead programs, Betrixaban and Andexanet alfa, address unmet medical needs in the area of thrombosis, or blood clots. Its third product candidate is Cerdulatinib. The Company’s Syk is a mediator of immune response in various types of immune cells. The Company has a program of highly selective Syk inhibitors, one of which is partnered with Ora Inc. Its Betrixaban is an oral once-daily inhibitor of Factor Xa. Its Andexanet alfa, is an orphan drug, which is a recombinant protein designed to reverse anticoagulant activity in patients treated with an fXa inhibitor. The Company is developing orally available kinase inhibitors to treat hematologic disorders and inflammation.