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.
As many as 5 percent of adult men have some degree of crooked penis, with about 65,000 to 120,000 in the U.S. being diagnosed with Peyronie’s each year, according to Auxilium. The disease can be caused by damage during sex, leading to scarring that bends the penis. The condition mainly affects men ages 40 to 60 years and older, according to the National Institutes of Health’s website.
To contact the editor responsible for this story: Reg Gale at firstname.lastname@example.org