Akebia Therapeutics (NASDAQ:AKBA) stock is taking off on Friday after the kidney treatment company revealed the return of rights for vadadustat.
Vadadustat is Akebia Therapeutics’ “investigational oral hypoxia-inducible factor prolyl hydroxylase inhibitor.” Today’s news has Otsuka returning the rights for the treatment in the U.S., Europe, China, Russia, Canada, Australia and the Middle East, as well as certain other territories.
It’s worth noting with this return of rights, Otsuka is paying a $55 million fee to Akebia Therapeutics. To go along with that, Otsuka is also transferring the marketing authorization application (MAA) in Europe to the company.
John Butler, CEO of Akebia Therapeutics, said this in a press release:
“We continue to believe in the potential of vadadustat as an oral treatment for patients with anemia due to chronic kidney disease, and we are pleased to be regaining the full rights to the product in these important markets.”
News of Akebia Therapeutics regaining rights to vadadustat also has AKBA seeing heavy trading today. As of this writing, more than 52 million shares of the company’s stock have changed hands. That’s a massive leap over its daily average trading volume of about 12.4 million shares.
AKBA stock is up 14.2% as of Friday morning. However, it’s still down 83.4% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.