Shots:

• As per the first agreement- Ardelyx to receive $10M for research and is eligible to receive ~10.5M upfront and up to $500M as development & commercialization milestone and will execute research in collaboration with Kyowa Kirin for only two targets
• Following the end of the research period- Kyowa Kirin to get an option to license any candidates for the development & commercialization in selected territories. Ardelyx will receive $20M as equity investment from Kyowa Kirin for its 2-873-563 shares at $6.96/share- under the second agreement
•  In Nov’2017- Ardelyx and Kyowa Kirin collaborated to develop & commercialize Tenapanor for cardiorenal diseases- including hyperphosphatemia in Japan which granted Kyowa Kirin an exclusive right to develop & commercialize Tenapanor in Japan

Click here to­ read full press release/ article | Ref: PRNewswire | Image: Cube Brush