[June 29, 2015] |
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Anacor Pharmaceuticals Announces Amendment to KERYDIN Commercialization Agreement
Anacor Pharmaceuticals, Inc. (NASDAQ:ANAC) today announced an amendment
to its distribution and commercialization agreement with Sandoz Inc., a
Novartis company, pursuant to which PharmaDerm, the branded dermatology
division of Sandoz, distributes and commercializes KERYDIN®
(tavaborole) topical solution, 5%, in the United States. Pursuant to the
amendment, Sandoz will increase its commercial investment in KERYDIN in
2015, and Anacor will contribute $20 million to Sandoz, primarily
focused on consumer-directed commercialization activities. The parties'
increased investment in support of KERYDIN in 2015 includes Sandoz's
previously expanded field-sales force and a new multi-channel integrated
marketing campaign. In addition, the amendment increases the minimum
profit-sharing payments to Anacor for 2016 to $65 million from $45
million and establishes new minimum profit-sharing payments to Anacor
for 2017 of $65 million. The amendment also reduces the price associated
with Anacor's option to repurchase all rights in KERYDIN from Sandoz on
December 31, 2017, as determined pursuant to the distribution and
commercialization agreement.
"We are pleased with Sandoz's increased investment to support the
continued long-term growth of the KERYDIN brand and believe that our
contribution to fund the consumer-directed investment will help increase
brand awareness among the patients suffering from onychomycosis who are
most likely to use KERYDIN and motivate them to seek treatment from
their physicians," said Paul L. Berns, Chairman and Chief Executive
Officer of Anacor.
About Anacor Pharmaceuticals
Anacor is a biopharmaceutical company focused on discovering, developing
and commercializing novel small-molecule therapeutics derived from its
boron chemistry platform. Anacor's first approved drug, KERYDIN®
(tavaborole) topical solution, 5%, is an oxaborole antifungal approved
by the U.S. Food and Drug Administration in July 2014 for the topical
treatment of onychomycosis of the toenails. In July 2014, Anacor entered
into an exclusive agreement with Sandoz Inc., a Novartis compay,
pursuant to which PharmaDerm, the branded dermatology division of
Sandoz, distributes and commercializes KERYDIN in the United States. In
September 2014, PharmaDerm launched KERYDIN in the United States.
Anacor's lead product development candidate is Crisaborole Topical
Ointment, 2%, an investigational non-steroidal topical PDE-4 inhibitor
for the potential treatment of mild-to-moderate atopic dermatitis and
psoriasis. Beyond KERYDIN and crisaborole, Anacor has discovered three
investigational compounds that it has out-licensed for further
development. The first compound is licensed to Eli Lilly and Company for
the potential treatment of an animal health indication. The second
compound, AN5568, also referred to as SCYX-7158, is licensed to Drugs
for Neglected Diseases initiative for the potential treatment of human
African trypanosomiasis. The third compound is licensed to
GlaxoSmithKline LLC for development in tuberculosis. Anacor also has a
pipeline of other internally discovered topical and systemic boron-based
compounds in early stages of research and development. These include
AN3365, an investigational Gram-negative antibiotic, and certain other
wholly-owned investigational product candidates. For more information,
visit http://www.anacor.com.
Forward-Looking Statements
This press release contains forward-looking statements, including
statements regarding the progress, timing and results of Anacor's
clinical trials, the safety and efficacy of Anacor's approved product
and product development candidates, the timing of the potential approval
of Anacor's product development candidates, the commercial success of
KERYDIN and the timing and potential commercial success of Anacor's
product development candidates. These statements constitute
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. The words "may," "might," "will," "should," "estimate," "project,"
"plan," "anticipate," "expect," "intend," "outlook," "believe" and other
similar expressions are intended to identify forward-looking statements.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
release, and Anacor undertakes no obligation to update any
forward-looking statement except as required by law. These
forward-looking statements are based on estimates and assumptions by
Anacor's management that, although believed to be reasonable, are
inherently uncertain and subject to a number of risks and uncertainties.
The following represent some, but not necessarily all, of the factors
that could cause actual results to differ from historical results or
those anticipated or predicted by Anacor's forward-looking statements:
the successful commercialization of KERYDIN pursuant to Anacor's
distribution and commercialization agreement with Sandoz Inc.; any
issues, delays or failures arising during the course, or as a result, of
Anacor's Phase 3 pivotal studies or other studies relating to
crisaborole; any delay or failure by the U.S. Food and Drug
Administration to approve crisaborole; Anacor's ability to timely and
successfully launch, either alone or with a partner, crisaborole, if
approved; the impact of general economic, industry, market or political
conditions; and the other risks and uncertainties identified in Anacor's
periodic filings, including Anacor's Annual Report on Form 10-K for the
year ended December 31, 2014 and Quarterly Report on Form 10-Q for the
quarter ended March 31, 2015.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150629005377/en/
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