Press Release: Affymax Receives $10 Million Milestone Payment

Affymax Receives $10 Million Milestone Payment From Takeda Pharmaceutical Based On Progress In Hematide Clinical Program PALO ALTO, Calif., Feb. 1 -- Affymax, Inc., a biopharmaceutical company, today announced that it has received a $10 million development milestone payment from Takeda Pharmaceutical Company as part of the companies' exclusive global agreement to develop and commercialize Hematide(TM), Affymax's lead product candidate, for the treatment of anemia. The milestone was achieved with the completion of Phase 1 clinical testing of Hematide in normal healthy volunteers in Japan. "Our collaboration with Takeda is off to a great start with the successful completion of this initial clinical development milestone," said Arlene M. Morris, Affymax's president and chief executive officer. "We look forward to continued progress in the Hematide development program as we move towards initiation of our Phase III clinical trials in chronic kidney disease and initiation of a Phase IIb clinical trial in oncology. The terms of our strategic alliance with this important global partner allow us to play a significant role in the development and commercialization of Hematide." Affymax and Takeda are collaborating on the development of Hematide and will co-commercialize the product in the United States. Takeda holds an exclusive license to develop and commercialize Hematide outside the United States, including Japan. Affymax leads the renal development program and commercialization in the U.S., while Takeda leads the oncology development and commercialization program worldwide and the renal development and commercialization ex-U.S. Under the terms of the collaboration, Affymax received $122 million in upfront license fees and $10 million from the sale of equity. Affymax is eligible to receive development and regulatory milestone payments of up to an additional $345 million and commercial milestone payments upon successful commercialization of Hematide of up to $150 million. About Hematide Hematide is a synthetic peptide-based erythropoiesis stimulating agent (ESA) in clinical development for anemia due to chronic kidney disease (CKD) and cancer. A novel peptide-based drug designed to stimulate the production of red blood cells, Hematide is the company's first product candidate to enter the clinic. Currently, Hematide is being evaluated in Phase 2 clinical trials for the treatment of anemia associated with CKD and in anemic cancer patients undergoing chemotherapy. About Affymax, Inc. Affymax, Inc. is a biopharmaceutical company developing novel peptide-based drugs to improve the treatment of serious and often life-threatening conditions. Affymax's lead product candidate, Hematide(TM), is currently in Phase 2 clinical trials for the treatment of anemia associated with chronic kidney disease and cancer. About Takeda Takeda, headquartered in Osaka, Japan, is a research-based global company with its main focus on pharmaceuticals. As the largest pharmaceutical company in Japan and one of the global leaders of the industry, Takeda is committed to striving toward better health for individuals and progress in medicine by developing superior pharmaceutical products. Additional information about Takeda is available through its corporate website, http://www.takeda.com. This release contains forward-looking statements, including statements regarding the Company's drug development program and goals. The Company's actual results may differ materially from those indicated in these forward-looking statements due to risks and uncertainties that are described in the Company's filings with the Securities and Exchange Commission. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update any forward-looking statement to reflect new information, events or circumstances after the date of this release or to reflect the occurrence of unanticipated events or a change in the Company's expectations.

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