Portola Agrees to Sell to Alexion for $1.41 Billion

San Francisco – May 5, 2020 – Cooley advised Portola, a commercial-stage biopharmaceutical company focused on life-threatening blood-related disorders, on its agreement to sell to Alexion Pharmaceuticals for $18 per share in cash – a value of $1.41 billion. Jamie Leigh, Ian Nussbaum, Kenneth Guernsey, Robert Jones and Sally Kay led the Cooley team advising Portola on the transaction, which is expected to close in Q3. 

Portola’s commercialized medicine Andexxa (marketed as Ondexxya in Europe) is the first and only approved factor Xa inhibitor reversal agent. It has demonstrated transformative clinical value by rapidly reversing the anticoagulant effects of factor Xa inhibitors rivaroxaban and apixaban in severe and uncontrolled bleeding. The acquisition will diversify Alexion’s hematology, neurology and critical care commercial portfolio, creating long-term value for patients and shareholders. 

“In developing and launching Andexxa, Portola has established a strong foundation for changing the standard of care for patients receiving factor Xa inhibitors that experience a major, life-threatening bleed,” Scott Garland, president and CEO of Portola, said in a statement. “Given their enhanced resources, global footprint and proven commercial expertise, we look forward to working with Alexion to maximize the value of Andexxa.”

Cooley has advised Portola since its founding in 2003 in San Francisco and, in 2013, guided the company on its $140 million initial public offering. Portola’s securities trade on the Nasdaq Global Market under the symbol “PTLA.”

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