Akebia reports termination of agreement between Keryx and BioVectra

In a regulatory filing, Akebia Therapeutics disclosed that on December 22, the company, Keryx Biopharmaceuticals, a wholly-owned subsidiary of the company, and BioVectra entered into a termination and settlement agreement. Pursuant to the termination agreement, Keryx and BioVectra agreed, among other things, to terminate, effective immediately, any and all existing agreements entered into between the parties in connection with the manufacture and supply, by BioVectra to the company, of ferric citrate drug substance for the company’s proprietary product, Auryxia. "Under the terms of the termination agreement, the company has agreed to pay to BioVectra a total of $32,500,000, consisting of (i) an upfront payment of $17,500,000 and (ii) six quarterly payments of $2,500,000 starting in April 2024, in consideration for the termination of the BioVectra agreements and all obligations thereunder, and the covenants and agreements set forth in the termination agreement, including the settlement and release of all disputes and claims and the return of certain materials and documents as provided therein. In addition, each of the company and BioVectra have released one another from all existing and future claims and liabilities arising from the BioVectra agreements, subject to certain customary exceptions," the filing stated.