FibroGen Wins Big Upfront, Keeps US Rights to Oral Anemia Drug

Astellas Pharma badly wanted to expand its rights to FibroGen's oral anemia compounds beyond Japan. So badly, in fact, that it paid a whopping $300 million up front, agreed to up to $465 million in pre-approval milestones, and will fund half of the compounds' development in Europe and North America. Yet Astellas doesn't even get North American commercial rights in exchange: it had to settle for European and other ex-US territories.