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Related Party Transactions

6 Months Ended

Jun. 30, 2019

8.	Related Party Transactions

Astellas is an equity investor in the Company and considered a related party. The Company recorded revenue related to collaboration agreements with Astellas of $134.7 million and $139.6 million for the three and six months ended June 30, 2019, respectively, and $20.5 million and $25.6 million for the three and six months ended June 30, 2018, respectively.

The Company recorded expense related to collaboration agreements with Astellas of $0.8 million and $0.2 million during the three months ended June 30, 2019 and 2018, respectively, and $1.3 million and $0.7 million during the six months ended June 30, 2019 and 2018.

As of June 30, 2019 and December 31, 2018, accounts receivable from Astellas were $4.3 million and $47.2 million, respectively, and amounts due to Astellas were $0.8 million and $0.4 million, respectively. The accounts receivable from Astellas as of December 31, 2018 included $43.8 million related to the delivery of roxadustat API to Astellas during the fourth quarter of 2018, pursuant to an amendment to the Japan Agreement that will allow Astellas to manufacture roxadustat drug product for commercialization in Japan. This amount was received during the first quarter of 2019.

Prepaid expenses and other current assets as of June 30, 2019 included $128.0 million of net unbilled contract asset, representing a $130.0 million unbilled contract asset related to two regulatory milestones under the Europe Agreement with Astellas associated with the planned MAA submission to the EMA, net of $2.0 million of associated deferred revenue. See Note 2 for details. According to the Europe Agreement, this $130.0 million is not billable to Astellas until the submission of an MAA, therefore the net contract asset was included in the prepaid expenses and other current assets line on the Company’s condensed consolidated balance sheet as of June 30, 2019. There was no such contract asset balance as of December 31, 2018.