Auxilium to receive $30 million from Pfizer following XIAPEX sale in EU market

Apr 11 2011

Auxilium Pharmaceuticals, Inc. (NASDAQ: AUXL), a specialty biopharmaceutical company, today announced that the Company will receive a $30 million regulatory milestone payment from its EU partner, Pfizer Inc. (Pfizer), following the first sale of XIAPEX in a major EU market.  XIAPEX is a new non-surgical treatment option for Dupuytren’s contracture in adult patients with a palpable cord and is the first injectable treatment to be approved in the EU for the treatment of Dupuytren's contracture. The sale in the first major EU market occurred in the United Kingdom.

Auxilium has now earned $45 million of regulatory milestones related to the Dupuytren’s contracture indication and is eligible to receive up to $30 million in additional regulatory milestone payments for this indication.  The remaining $30 million will be paid in $7.5 million increments, following Pfizer’s first sale of XIAPEX in each of the remaining major markets of the EU.  Pfizer has the marketing rights to collagenase clostridium histolyticum for Dupuytren’s contracture and Peyronie’s disease in the 27 countries of the EU and 19 Eurasian countries.  

Dupuytren’s disease is a slowly progressive connective tissue disorder that can cause an affected finger to bend into the palm of the hand.1 It affects approximately 13% of the European population. The disease starts in the palm of the hand with the appearance of a number of small lumps (called nodules), made of cells that can produce abnormal deposits of collagen. As the disease progresses, excess collagen continues to build up and may eventually form into a rope-like cord under the skin. The cord extends from the palm into the finger and can gradually contract or bend the finger permanently toward the palm, known as Dupuytren’s contracture. Once contracture has occurred, the affected finger often interferes with the patient’s ability to carry out everyday tasks.

“We are pleased to see the results of our close collaboration with Pfizer in bringing XIAPEX, a novel, non-surgical alternative to European patients suffering from the debilitating effects of Dupuytren’s contracture,” said Armando Anido, Chief Executive Officer and President of Auxilium.