Senior Secured Debt$125 million

MAR 2019


ANDEXXA® (recombinant coagulation factor Xa, inactivated-zhzo; formerly andexanet alfa), approved in May 2018, is a recombinant human Factor Xa molecule which binds to, and reverses the anticoagulation effect of, Factor Xa inhibitors, such as ELIQUIS® and XARELTO®. ANDEXXA® is the first and only drug indicated for treating patients who are also taking these Factor Xa inhibitors when reversal of anticoagulation is needed due to life-threatening or uncontrolled bleeding.


Portola Pharmaceuticals Inc. (NASDAQ:PTLA) was looking to raise capital to further fund the commercial launch of ANDEXXA® and to provide financial flexibility. Non-dilutive financing was appealing to Portola as the company believed it’s share price was undervalued. HCR worked with Athyrium Capital Management to complete this transaction and was responsible for $62.5 million of the aggregate $125 million investment.