Auxilium (AUXL), Pfizer (PFE) to End XIAPEX Collaboration Following EU Commercialization
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Auxilium Pharmaceuticals, Inc. (NASDAQ: AUXL) and Pfizer Inc. (NYSE: PFE) are amending their collaboration agreement for the development, commercialization and supply of XIAPEX in the European Union (EU) and certain other European and Eurasian countries (the "Collaboration Agreement"). As a result of this amendment, the Collaboration Agreement will terminate no later than April 24, 2013. Prior to the mutual termination date, the parties will continue to perform all of their obligations as described in the Collaboration Agreement. After the termination date, rights to commercialize XIAPEX and responsibility for regulatory activities for XIAPEX in these countries will revert to Auxilium.
"Auxilium remains committed to addressing the unmet needs of adult Dupuytren's contracture patients in the EU, and we now have the strategic flexibility to evaluate all of our options for the continuing commercialization of XIAPEX for the treatment of Dupuytren's contracture and for gaining approval for XIAPEX for the treatment of Peyronie's disease in the EU and other specified markets," said Adrian Adams, CEO and President of Auxilium. As a result of this mutual decision to conclude the collaboration, Auxilium will recognize $94 million of deferred revenue and $9 million of deferred costs in the fourth quarter of 2012.
"Pfizer is committed to working with Auxilium to ensure continuity of patient care during the transition period and effect a seamless transition," said Geno Germano, President and General Manager, Specialty Care and Oncology, Pfizer.
"Auxilium remains committed to addressing the unmet needs of adult Dupuytren's contracture patients in the EU, and we now have the strategic flexibility to evaluate all of our options for the continuing commercialization of XIAPEX for the treatment of Dupuytren's contracture and for gaining approval for XIAPEX for the treatment of Peyronie's disease in the EU and other specified markets," said Adrian Adams, CEO and President of Auxilium. As a result of this mutual decision to conclude the collaboration, Auxilium will recognize $94 million of deferred revenue and $9 million of deferred costs in the fourth quarter of 2012.
"Pfizer is committed to working with Auxilium to ensure continuity of patient care during the transition period and effect a seamless transition," said Geno Germano, President and General Manager, Specialty Care and Oncology, Pfizer.
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