Ardelyx, Inc. (ARDX) Wednesday announced that China's Center for Drug Evaluation approved tenapanor to control serum phosphorus levels in dialysis patients with chronic kidney disease who do not respond to or cannot tolerate phosphorus binders.
This approval triggers a $5 million milestone payment from its partner, Shanghai Fosun Pharmaceutical.
Ardelyx is also eligible for up to $100 million in additional milestones and tiered royalties.
With over one million dialysis patients in China and a high prevalence of hyperphosphatemia, this approval addresses a significant unmet medical need.
Fosun Pharma will market tenapanor under the Chinese trade name Wan Ti Le.
ARDX is currently trading at $5.23, up 0.93 percent or $0.05 on the Nasdaq.
For comments and feedback: editorial@rttnews.com