On June 12, 2020, Portola Pharmaceuticals, Inc. received written notice of termination from Bayer AG, successor to Bayer Pharma AG of a certain Clinical Collaboration Agreement, dated February 1, 2016, by and between Portola and Bayer. The Agreement permits termination by Bayer within 90 days of receiving written notice from Portola that its Third Party Collaboration Partner has terminated the Third Party 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.