As a result of the modification, the Collaboration Agreement will terminate no later than 24 April 2013 and the companies will continue to perform all the obligations as described in the Collaboration Agreement.
The rights to commercialize Xiapex and responsibility for regulatory activities for Xiapex in these countries will be restored to Auxilium after the termination date.
Auxilium CEO and president Adrian Adams said Auxilium will work to address the unmet needs of adult Dupuytren’s contracture patients in the EU, and now has the strategic flexibility to evaluate all options for the continuing commercialization of Xiapex and for gaining approval for Xiapex for the treatment of Peyronie’s disease in the EU and other specified markets.
”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,” Adams added.
Pfizer specialty care and oncology president and general manager Geno Germano said, "Pfizer is committed to working with Auxilium to ensure continuity of patient care during the transition period and effect a seamless transition."