Nov. 26 Company Quick Takes: Kyowa, Ardelyx expand partnership; plus ICER, Celltrion, Asahi-Veloxis and Merck

Kyowa, Ardelyx expand collaboration with new targets and $20M investment
Under an expanded partnership, Kyowa Hakko Kirin Co. Ltd. (Tokyo:4151) will pay Ardelyx Inc. (NASDAQ:ARDX) $10 million in research support over the next two years to identify and develop programs against two undisclosed targets, after which Kyowa has the option to license resulting products for $10.5 million in upfront payments and up to $500 million in development and sales milestones. In a second deal, Kyowa invested $20 million in Ardelyx through the purchase of 2.9 million shares at $6.96. Kyowa gained Japanese rights in 2017 to develop and commercialize Ardelyx's Ibsrela tenapanor for cardiorenal diseases. FDA approved Ibsrela in September for irritable bowel syndrome with constipation, and Ardelyx plans to submit an NDA to FDA in 2020 for the candidate to treat hyperphosphatemia in end-stage renal disease patients. Ardelyx gained $1.16 (18%) to $7.54 on Tuesday (see "Ardelyx Gains on Phase III Hyperphosphatemia Combination Data").

AbbVie's RA successor to Humira is cost-effective, ICER finds
ICER released an evidence report Tuesday that found Rinvoq upadacitinib from AbbVie Inc. (NYSE:ABBV) leads to higher rates of disease remission for rheumatoid arthritis and offers a small to substantial net health benefit over the pharma's Humira adalimumab. The Institute for Clinical and Economic Review concluded that, after accounting for assumed manufacturer rebates of 25-26% to its list price of $59,860, the JAK-1 inhibitor's net price is in line with ICER's value-based price benchmark range. ICER's California Technology Assessment Forum (CTAF) will review the report at a public meeting on Dec. 9 (see "Rinvoq Approval Bolster's AbbVie's Autoimmune Portfolio")...