PALO ALTO, Calif. and OSAKA, Japan, Oct. 17 Affymax, Inc.(Nasdaq: AFFY) and Takeda Pharmaceutical Company Limited (TSE: 4502) todayannounced that they have been awarded the 2007 Deal of Distinction Award fromthe Licensing Executives Society of the U.S. and Canada (LES) for theirinnovative global agreement to develop and commercialize Affymax's leadproduct candidate, Hematide(TM), for the treatment of anemia. The Affymax andTakeda collaboration was recognized by the LES as one of the most notabledeals in the healthcare industry sector in the last year.
The 2007 Deal of Distinction Award recognizes worthy transactionsinvolving the transfer and licensing of intellectual property using creativeand innovative solutions to business issues. This year, the award was givento parties of only five deals.
"We are pleased to have received this award, which recognizes ourstrategic alliance with Takeda to develop Hematide worldwide as a potentialtreatment for anemia associated with chronic renal failure and cancer," saidArlene M. Morris, Affymax's president and chief executive officer. "Affymaxand Takeda have made significant progress in the Hematide clinical developmentprogram. We recently initiated a Phase 3 clinical program for Hematide, andwe look forward to continuing our progress to develop a new treatment optionthat addresses anemia in chronic renal failure patients."
"We are very pleased that Takeda's partnership with Affymax for Hematideis being recognized by esteemed licensing professionals," said YasuchikaHasegawa, president, Takeda Pharmaceutical Company Limited. "Thecollaboration on this potential new entrant to the worldwide anemia marketrepresents an important component of our global growth strategy. We lookforward to continued progress in the Hematide clinical development program."
Affymax and Takeda are collaborating on the development of Hematide andwill co-commercialize the product in the United States. Takeda has beengranted an exclusive, royalty-bearing license to develop and commercializeHematide outside the United States, including Japan. Under the terms of thecollaboration, Affymax received $132 million in upfront and milestone paymentsand $10 million from the sale of equity. Affymax is eligible to receivedevelopment and regulatory milestone payments of up to an additional $345million and commercial milestone payments upon successful commercialization ofHematide of up to $150 million.
Hematide is a novel synthetic, pegylated peptidic compound that binds toand activates the erythropoietin receptor and thus acts as an erythropoiesisstimulating agent. The investigational product is being developed for thetreatment of anemia in patients with chronic renal failure (CRF) and cancerpatients receiving chemotherapy.
About Affymax, Inc.
Affymax, Inc. is a biopharmaceutical company developing novel drugs toimprove the treatment of serious and often life-threatening conditions.Affymax's lead product candidate, Hematide(TM), is currently in Phase 3clinical trial stage for the treatment of anemia associated with chronic renalfailure and in clinical trials for the treatment of anemia in cancer patients.For additional information, please visit http://www.affymax.com.
Located in Osaka, Japan, Takeda (TSE: 4502) is a research-based globalcompany with its main focus on pharmaceuticals. As the largest pharmaceuticalcompany in Japan and one of the global leaders of the industry, Takeda iscommitted to striving toward better health for individuals and progress inmedicine by developing superior pharmaceutical products. Additionalinformation about Takeda is available through its corporate website,http://www.takeda.com.
This release contains forward-looking statements, including statementsregarding the timing, design and results of the Company's clinical