Pfizer and Bristol-Myers Squibb have entered into a collaboration agreement with Portola Pharmaceuticals Inc., a San Francisco-based biopharmaceutical company, to develop and commercialize the investigational agent, andexanet alfa in Japan. Andexanet alfa, which is in Phase III clinical development in the US and Europe, is designed to reverse the anticoagulant activity of Factor Xa inhibitors, including Eliquis (apixaban). Under the terms of the agreement, Portola will receive an upfront payment of $15 million, potential regulatory milestones of $20 million, and sales-based milestones of $70 million as well as compensation based on andexanet alfa net sales. Bristol-Myers Squibb and Pfizer will co-fund with Portola the development and commercialization of andexanet alfa in Japan. Portola will retain rights to andexanet alfa outside of Japan and remain responsible for the manufacturing supply.