Pharma BD Deal Intelligence
Akebia and Keryx announced an all-stock merger in June 2018 to create a fully integrated kidney disease company with combined market cap ~$1.3B. Keryx shareholders held 50.6% of combined entity vs 49.4% Akebia. Combines Akebia's late-stage HIF-PH inhibitor vadadustat (anemia in CKD) with Keryx's commercial ferric citrate Auryxia (phosphate binder/iron replacement). Closed December 12, 2018 with $250M targeted cost synergies. UPDATE (post-2024): Vadadustat (Vafseo) launched in the U.S. dialysis market in Q1 2025; in FY2025 Akebia reported total net product revenue of $227.3M (+49% YoY), with Vafseo at $45.8M (first launch year) and the legacy Keryx asset Auryxia at $181.5M (https://www.globenewswire.com/news-release/2026/02/26/3245436/37519/en/Akebia-Therapeutics-Reports-Fourth-Quarter-and-Full-Year-2025-Financial-Results-and-Commercial-and-Pipeline-Highlights.html). Both 2018-merger renal assets are now commercial in a single company, substantially realizing the 'integrated kidney disease company' thesis — though far later and smaller than the 2018 Raymond James $606M vadadustat peak projection. In Oct 2025 Akebia abandoned the VALOR Phase 3 after an FDA Type C meeting and will not pursue a broad non-dialysis Vafseo label, bounding the asset to the dialysis segment (https://www.globenewswire.com/news-release/2025/10/28/3175989/37519/en/Akebia-Therapeutics-Provides-Update-on-Vafseo-for-Non-Dialysis-Patients.html).
Assessment window: 5yr post-close.