Akebia Therapeutics Inc (NASDAQ:AKBA) shares are surging in Thursday's after-hours session after the company executed an agreement to terminate its Vadadustat collaboration and license agreements with Otsuka Pharmaceutical.
As a result of the termination of the agreements, Akebia will regain the rights for Vadadustat in the United States, Europe, China, Russia, Canada, Australia, and the Middle East. Otsuka will pay Akebia a $55 million settlement fee.
Vadadustat is an oral hypoxia-inducible factor prolyl hydroxylase inhibitor designed to mimic the physiologic effect of altitude on oxygen availability.
Akebia is a fully integrated biopharmaceutical company that aims to improve the lives of people impacted by kidney disease.
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AKBA Price Action: Akebia has a 52-week high of $4.09 and a 52-week low of 30 cents.
The stock was up 41.9% in after hours at 51 cents at press time, according to Benzinga Pro.
