Two phase III studies of vadadustat in non-dialysis and dialysis kidney disease patients are underway. Monday's licensing deal is a nice win for Akebia because Fresenius is the largest dialysis provider in North America, serving approximately 40% of dialysis patients in the U.S. Here's how Akebia described the deal terms with Vifor: This agreement is structured as a profit-sharing arrangement between Akebia and Vifor Pharma. It is subject to approval of vadadustat by the FDA and inclusion of vadadustat in a bundled reimbursement model, upon which Akebia will receive a $20 million payment from Vifor Pharma. Akebia's revenue from the profit share and the milestone payment will be shared with Otsuka Pharmaceutical Co. Ltd., Akebia's U.S. collaborator. Akebia, in collaboration with Otsuka, plans to commercialize vadadustat in other dialysis organizations and centers and in the nondialysis market in the U.S.