Shares of biotechnology company Affymax Inc. fell Tuesday after its partner Takeda Pharmaceutical signed an additional agreement with potential rival Amgen Inc. Affymax finished the day's trading down 87 cents at $46.31.
On Tuesday, Japan-based Takeda signed a deal worth $1.18 billion for access to Amgen's pipeline of drug candidates. Takeda will acquire Japanese rights to develop up to 13 new drugs for the Japanese markets.
Affymax is Takeda's partner for the anemia drug candidate Hematide. Amgen currently makes the anemia drug Aranesp.
"Our partnership is unrelated to Takeda's recently announced agreement with Amgen for its Japanese subsidiary," said Affymax President and Chief Executive Officer Arlene M. Morris in a statement.
He added that the Takeda-Amgen deal does not involve a class of anemia drugs called Erythropoiesis-Stimulating Agents, which include both Affymax's Hematide and Amgen's Aranesp.
Affymax has so far received $132 million in upfront and milestone payments and $10 million from the sale of equity under its Takeda deal.