LYNBROOK, N.Y., Feb. 23, 2012 /PRNewswire/ -- BioSpecifics Technologies Corp. (NASDAQ: BSTC), a biopharmaceutical company developing first in class collagenase-based products marketed as XIAFLEX® in the U.S. and XIAPEX® in Europe and Eurasia, today announced that its partner Auxilium Pharmaceuticals, Inc. (Auxilium) has entered into a partnership with Actelion Pharmaceuticals Ltd. (Actelion) for the long-term development, supply and commercialization of XIAFLEX for the treatment of Dupuytren's contracture and Peyronie's disease. Under this agreement, Actelion will receive exclusive rights to commercialize XIAFLEX for the two indications in Canada, Australia, Brazil and Mexico upon receipt of the respective regulatory approvals. Actelion will be primarily responsible for the applicable regulatory and commercialization activities for XIAFLEX in these countries.
"We are excited to announce this strategic collaboration with Actelion, which will further enable XIAFLEX to reach patients around the world who are in need of this treatment," reflected Thomas L. Wegman, President of BioSpecifics. "XIAFLEX is already available in the U.S. and nine European and Eurasian markets for patients with Dupuytren's contracture and we look forward to potential additional approvals in these new partnership territories, as well as reporting top-line results from Auxilium's global Phase III study of XIAFLEX for Peyronie's disease by the end of the second quarter of this year. This lead pipeline indication has the potential to greatly increase the market for injectable collagenase due to the devastating effects of this disease."
BioSpecifics will receive a certain percentage of the $10 million upfront payment paid to Auxilium from Actelion as well as a certain percentage of the up to $16 million in potential regulatory, pricing and reimbursement milestone payments and $42.5 million in potential sales milestone payments. BioSpecifics will also receive royalties from net sales and payments on costs of goods sold in Actelion's territories from Auxilium, which will be a specified percentage of what Auxilium receives from Actelion.
Actelion is a Swiss biopharmaceutical company with $2.0B in 2011 worldwide sales in 2011 and over 2,500 employees focused on the discovery, development and marketing of innovative drugs for significant unmet medical needs. Actelion shares are traded on the SIX Swiss Exchange (ticker symbol: ATLN) as part of the Swiss blue-chip index SMI (Swiss Market Index SMI®).About Dupuytren's Contracture Dupuytren's contracture is caused by an abnormal accumulation of collagen in the palm of the hand characterized by the formation of nodules or lumps in the early stages. As the disease progresses, a cord is formed and the fingers may become progressively contracted.