Portola ($PTLA) suffered a setback this week as the FDA issued a Complete Response Letter (CRL) to the company relating to the New Drug Application (NDA) for andexant alfa. As I have noted before, andexanet alfa is the key value driver for PTLA. In fact, when I first valued PTLA, the antidote accounted for 90% of PTLA’s $75 fair value.

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