Ardelyx sells up to $20M in tenapanor Japan royalties to HealthCare Royalty

ARDELYX, INC.

Up to $20M total: $10M upfront, $5M on Japan regulatory approval for hyperphosphatemia, $5M if net sales exceed target by end of 2025.
Royalties stem from Ardelyx's License Agreement with Kyowa Kirin for tenapanor in Japan.
Agreement includes customary covenants restricting sale, lien, or forgiveness of the royalty stream.
Events of default allow HealthCare Royalty to claim indemnification up to a liability cap.

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