Ardelyx to Receive $5M Milestone Payment as Japan Partner Initiates Phase 3
Source:
Streetwise Reports (4/15/21)
Ardelyx Inc. shares traded 11% higher after Kyowa Kirin Co. Ltd., its collaborative partner in Japan, initiated four Phase 3 clinical trials of tenapanor for treatment of hyperphosphatemia.
Biopharmaceutical company Ardelyx Inc. (ARDX:NASDAQ), which concentrates its efforts on the development of medicines to treat kidney and cardiorenal diseases, today announced that its collaboration partner in Japan, Kyowa Kirin Co., Ltd. (4151:TSE) "has initiated four Phase 3 clinical studies in Japan evaluating tenapanor for hyperphosphatemia."
The firm noted that by Kyowa Kirin's moving forward into the various clinical trials, under the terms outlined in the agreement between the companies, Ardelyx is now entitled to receive a $5 million payment for reaching this important development milestone.