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ABL advises on biotech deal
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ABL advises on biotech deal

Arnold Bloch Leibler has advised biotechnology firm Acrux in an exclusive worldwide licensing agreement with US pharmaceutical giant, Eli Lilly.

ARNOLD Bloch Leibler has advised biotechnology firm Acrux in an exclusive worldwide licensing agreement with US pharmaceutical giant, Eli Lilly.

The terms of the agreement, which is potentially worth up to US$335 million, will give Eli Lilly the rights to market Acrux’s new product,Axiron, an underarm testosterone solution for the treatment of testosterone deficiency in men.

Arnold Bloch Leibler partner Jane Sheridan lead the deal, with lawyer Amanda Hutchings.

Under the deal, Acrux will receive an up-front payment of US$50 million, plus US$3 million for the manufacturing assets.

Acrux will also receive a further US$87 million upon the US Food and Drug Administration’s approval to market Axiron. If successfully commercialised, Acrux will receive up to US$195 million in potential commercialisation milestones, as well as royalty payments on future global sales.

Eli Lilly has a sales, marketing and distribution capability covering 143 countries.

Acrux’s chairman, Ross Dobinson, said he believes this is the largest licensing deal ever struck by an Australian biotech company.


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