Affymax Inc., a Cupertino, California-based biopharmaceutical company, has announced that its Board of Directors has approved the liquidation and dissolution of the company -- two weeks after dissolving its agreement with partner company Takeda surrounding serious issues with jointly-licensed drug, Omontys.
In February 2013, Affymax and Takeda voluntarily recalled all lots of Omontys anemia drug and suspended promotional activities in the U.S. following postmarketing reports of serious hypersensitivity reactions including anaphylaxis. Takeda's detailed investigation has confirmed no quality or manufacturing issues were present but has not identified a specific root cause for the reactions.
The liquidation and dissolution of Affymax is subject to stockholder approval, and the company plans to distribute all available cash to its stockholders as soon as legally permitted.
Read the Market Watch press release