BioSpecifics Technologies Corp. (BSTC.OB) Partners with Pfizer and Auxilium for XIAFLEX(TM) in Europe
Today, 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…