Ardelyx's Partner Kyowa Kirin Wins Japanese Approval for Kidney Drug PHOZEVEL, Triggers $30M in Milestone Payments
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Ardelyx, Inc. (NASDAQ:ARDX) announced that its partner, Kyowa Kirin, has received approval from the Japanese Ministry of Health for the New Drug Application for tenapanor, a kidney disease drug. This approval triggers $30 million in milestone payments from Kyowa Kirin to Ardelyx and a $5 million payment from HealthCare Royalty Partners. Ardelyx may also receive an additional $5 million if net sales in Japan exceed a certain target by 2025.
September 25, 2023 | 8:22 am
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Ardelyx, Inc. stands to gain $30 million in milestone payments from Kyowa Kirin due to the approval of the kidney disease drug, tenapanor. Additional payments from HealthCare Royalty Partners are also expected.
The approval of the kidney disease drug, tenapanor, by the Japanese Ministry of Health triggers milestone payments to Ardelyx, Inc. from its partner, Kyowa Kirin. This is a positive development for Ardelyx, as it not only validates their product but also provides them with significant revenue. The potential for additional payments if sales targets are met further enhances the positive impact on Ardelyx.
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