Item 8.01 Other Events

On June 12, 2020, Portola Pharmaceuticals, Inc. ("Portola") received written notice of termination from Bayer AG, successor to Bayer Pharma AG ("Bayer") of a certain Clinical Collaboration Agreement, dated February 1, 2016, by and between Portola and Bayer (the "Agreement"). The Agreement permits termination by Bayer within 90 days of receiving written notice from Portola that its Third Party Collaboration Partner (as defined in the Agreement) has terminated the Third Party Agreement (as defined in the Agreement) with Portola for the development and commercialization of andexanet alfa in Japan as a reversal agent for Factor Xa inhibitors, including rivaroxaban.

Pursuant to the terms of the Agreement, the termination became effective on June 12, 2020 and the parties will work together to unwind the Agreement.

As disclosed by Portola on April 9, 2020, Portola informed Bayer that Portola had agreed to terminate its Collaboration and License Agreement with Bristol-Myers Squibb Company ("BMS") and Pfizer, Inc. ("Pfizer"), and received written notice of termination from BMS and Pfizer on April 3, 2020. Following the BMS and Pfizer termination, Portola regains full rights in Japan for andexanet alfa. Currently, Japan represents the third largest market for Factor Xa inhibitors after the United States and the EU 5 countries. Portola will have exclusive rights to develop and commercialize andexanet alfa in the United States, Europe, Japan and rest of the world markets.

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