Under-arm license delivers maiden FY profit for Acrux
Friday, 27 August, 2010
Testosterone booster Acrux this week stormed into the black for the first time, announcing a net profit of $46.6 million after earlier in the year signing one of the biggest ever multinational licensing deals for an Australian biotech.
Acrux produces the Axiron underarm testosterone boosting product for men, which it licensed in May this year to Eli Lilly in a deal potentially worth $600 million.
The FDA has allowed Axiron to be submitted as a new drug application, with marketing approval expected by the end of the year.
Acrux reported revenues of $56.1 million for the 12 months to June 30 2010, which included an upfront payment of $US53 million from Eli Lilly upon signing of the deal and the handing over its manufacturing assets. The full year result represents a stunning turnaround from last year’s net loss of $7 million.
Analysts have noted that Acrux made the right decision to partner with Eli Lilly on Axiron, the product being a nice fit with the US company’s erectile dysfunction product Cialis.
Acrux said that subject to the FDA approval of Axiron, the board expects to begin paying shareholder dividends by next year.
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