Acquisition of AkaRx by Eisai for $255M Closes

AkaRx Inc., a privately held drug development company ("AkaRx") announced today the closure of its acquisition by Eisai Inc. ("Eisai") of Woodcliff Lake, NJ for $255 Million. With today's closing, AkaRx becomes a wholly-owned subsidiary of Eisai, the US subsidiary of Tokyo-based Eisai Co., Ltd. The founding team of AkaRx has since founded a second company, Drais Pharmaceuticals Inc. that like AkaRx, is backed by venture capital investors InterWest Partners and Sutter Hill Ventures.

The acquisition of AkaRx marks the culmination of a development license agreement and a deferred merger agreement, both of which were originally signed between AkaRx and MGI PHARMA INC. ("MGI") in August 2007. In 2008 Eisai acquired MGI, which included the option to acquire AkaRx and AKR-501. During the option period, MGI, and then Eisai, managed and funded the development of AkaRx's lead compound, AKR-501. AKR-501 is a pharmacological agonist of the thrombopoietin receptor that stimulates platelet production, and was under development at AkaRx for the treatment of idiopathic thrombocytopenic purpura (ITP). A Phase II clinical study in ITP has been completed and two other phase II studies, one in liver disease and one in chemotherapy-induced thrombocytopenia are underway.

AkaRx was founded in 2005 as a spin out of the merger of Yamanouchi Pharmaceutical Company Ltd ("Yamanouchi") and Fujisawa Pharmaceutical Company Ltd. to form Astellas Pharma Inc. AKR-501 was originally discovered at Yamanouchi and was licensed to AkaRx as part of the original spin out and founding of the company in 2005.