Auxilium Pharmaceuticals (AUXL) Falls Most in Year as Crooked-Penis Deal Ends
11/8/2012 7:37:54 AM
Auxilium Pharmaceuticals Inc. (AUXL), the maker of a drug to treat an abnormal curvature of the penis, fell the most in three months after announcing its partnership with Pfizer Inc. (PFE) will end by next year. Auxilium, based in Malvern, Pennsylvania, dropped 7.2 percent to $18.60 at the close in New York, the biggest one-day drop since Aug. 1. The companies said in a statement they will stop working together on Auxilium’s Xiapex, which is sold in the U.S. for Dupuytren’s contracture, a hand contraction disorder, and being weighed for approval for Peyronie’s disease, the crooked penis condition. Pfizer, based in New York, will give up the rights to the medicine in Europe and Asia. Auxilium Chief Executive Officer Adrian Adams said the company will press on with getting the treatment approved in Europe. The Food and Drug Administration has yet to rule on using the treatment for the penis disorder in the U.S.