On January 17, 2014, Keryx Biopharmaceuticals Inc. announced that Japan Tobacco Inc., has received manufacturing and marketing approval of ferric citrate from the Japanese Ministry of Health, Labour and Welfare. Ferric citrate, to be marketed in Japan by Torii Pharmaceutical Co. Ltd., under the brand name Riona, is indicated as an oral treatment for the improvement of hyperphosphatemia in patients with chronic kidney disease (CKD), including dialysis and non-dialysis dependent CKD.

Under the license agreement with JT and Torii, within 30 days, Keryx will receive a non-refundable payment of $10 million for the achievement of the marketing approval milestone. Keryx will also receive double-digit tiered royalties on net sales of Riona in Japan, as well as up to an additional $55 million upon the achievement of certain annual net sales.