February 13, 2017 / 12:20 PM / 7 months ago

BRIEF-Akebia to pay Janssen to access come intellectual property

Feb 13 (Reuters) - Akebia Therapeutics Inc -

* Will pay Janssen $1.0 million in cash to access their collection of hundreds of HIF-targeted compounds, associated intellectual property

* Co obtains worldwide rights to akb-5169, a non-absorbed oral HIF stabilizer in preclinical development for treatment of IBD

* Johnson & Johnson innovation has opportunity to take ownership interest in co through common stock purchase warrant issued by co to JJDC

* JJDC can take ownership interest in co through common stock purchase warrant issued by co to JJDC for 509,611 shares of co’s common stock

* Warrant exercisable by JJDC, in whole or in part, at any time prior to 5th anniversary of date of issuance with payment to co of up to $5 million Source text for Eikon: Further company coverage:

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