Akebia Therapeutics CEO John Butler delivered on a promise to bring in partners and almost $600 million in non-dilutive cash to fund phase III clinical trials of its anemia pill vadadustat,
Shares of Akebia are reacting well today, up 38% to $12.97 following last night’s expanded partnership with Otsuka covering Europe, China and other territories. But even with this move higher, Akebia remains significantly undervalued relative to its competitor Fibrogen or other biotech companies with late-stage drugs in the pipeline.
