Auxilium Pharmaceuticals to receive $15 million from Pfizer in Xiaflex partnership
By APThursday, January 21, 2010
Auxilium to get $15 million payment from Pfizer
NEW YORK — Pfizer Inc. and its partner Auxilium Pharmaceuticals received permission from European regulators to begin a review of a treatment for people with a debilitating disease that constricts the muscles of the hand.
Under the terms of the partnership, Pfizer will receive exclusive rights to sell the drug Xiaflex in the 27 member countries of the European Union and 19 other European and Eurasian countries. Pfizer will be primarily responsible for working with regulators in those countries.
Auxilium, based in Malvern, Pa., will receive a $15 million milestone payment from Pfizer.
Xiaflex is already under Food and Drug Administration review.
Shares of Auxilium fell 55 cents to close at $28.51, while shares of Pfizer, based in New York, lost 70 cents, or 3.5 percent, to close at $19.24.
(This version CORRECTS spelling of Auxilium and terms of partnership.)
