In the company’s news yesterday,
BioSpecifics Technologies announced that its partner Auxilium Pharmaceuticals, Inc. has signed a license agreement with Pfizer, Inc. to market XIAFLEX in Europe and other territories for the treatment of Dupuytren’s disease and Peyronie’s disease. As terms of the partnership, BioSpecifics will receive $6.375 million of the $75 million upfront payment paid to Auxilium by Pfizer, and will be entitled to 8.5% of the $410 million in additional milestone payments that may be made by Pfizer to Auxilium in the future.
Thomas L. Wegman, President of BioSpecifics, stated, “We are pleased that Pfizer, the world’s largest pharmaceutical company, has committed major resources to the success of XIAFLEX, and believe that it is a demonstration of the drug’s important potential to help patients with these diseases. We are very much looking forward to the filing of the Biologic License Application for XIAFLEX by Auxilium with the U.S. Food and Drug Administration, expected in early 2009.”
Pfizer, the world’s largest research-based pharmaceutical company, will be in charge of marketing XIAFLEX in the 27 member countries of the European Union and 19 other European and Eurasian countries. The pharmaceutical company will also be primarily responsible for regulatory activities for XIAFLEX in these countries. BioSpecifics anticipates that the $6.375 million payment from Auxilium provides it with enough cash to fund its operations through the first half of 2012.
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