It seems that Astellas Pharma Inc. 's jaw-dropping $300 million up-front payment for ex-US rights to FibroGen Inc. 's Phase II anemia compounds hasn't, after all, forced a recalibration of deal terms in the EPO space. [See Deal] (See "FibroGen Wins Big Upfront, Keeps US Rights to Oral Anemia Drug," IN VIVO, June 2006 Also see "FibroGen Wins Big Upfront, Keeps US Rights to Oral Anemia Drug" - In Vivo, 1 June, 2006..) A month later, compatriot Takeda Pharmaceutical Co. Ltd. parted with an up front just one third as large, and pre-approval milestones worth just 60% of those in the FibroGen/Astellas deal, to expand its rights beyond Japan to a Phase II anemia drug of its own, Affymax Inc. 's erythropoiesis stimulating agent Hematide. [See Deal]
The two deals are worth a closer look, though, both for their similarities, and their differences. (See Exhibit 2.)
