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Benzinga
Benzinga
Business
Adam Eckert

Why Akebia Therapeutics Stock Is Soaring After Hours

Akebia AKBA Nasdaq Otsuka

Akebia Therapeutics Inc (NASDAQ:AKBA) shares are surging in Thursday's after-hours session after the company executed an agreement to terminate its Vadadustat collaboration and license agreements with Otsuka Pharmaceutical.

As a result of the termination of the agreements, Akebia will regain the rights for Vadadustat in the United States, Europe, China, Russia, Canada, Australia, and the Middle East. Otsuka will pay Akebia a $55 million settlement fee. 

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