Japan-based Takeda Pharmaceutical and U.S.-based Affymax have entered into a global agreement to develop and commercialize Affymax's lead product candidate, Hematide, for the treatment of anemia.

The companies will collaborate on the development of the product and commercialize Hematide in the U.S. while Takeda will hold an exclusive license to develop and commercialize outside the U.S.

Under the terms of the agreement, Affymax will receive $105 million in an upfront cash payment. In addition, Affymax is eligible to receive development and regulatory milestone payments of up to $280 million, and commercial milestone payments upon successful commercialization of Hematide of up to $150 million, for total potential milestone payments of $430 million.