Lilly pulls out of licensing agreement for Axiron
Australia’s testosterone manufacturer Acrux (ASK: ACR) saw its shares slide more than 30% to A$0.19 after announced that Acrux and US pharma major Eli Lilly (NYSE: LLY) have mutually agreed to terminate their licensing agreement for Axiron (testosterone).
Termination of the license in the US is effective immediately and termination of license outside the US will be effective 90 days thereafter. Global rights to the product will revert to Acrux. Lilly acquired rights to Axiron in 2010, under a deal with a potential $335 million to Acrux. The product gained US marketing approval in late 2010.
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