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Lilly to Acquire Global License to AXIRON Testosterone Solution From Acrux
Date:3/15/2010

INDIANAPOLIS and MELBOURNE, Australia, March 15 /PRNewswire-FirstCall/ -- Eli Lilly and Company (NYSE: LLY) and Acrux (ASX: ACR) announced today that they have entered into an exclusive worldwide license agreement for the potential commercialization of Acrux's experimental underarm testosterone solution (proposed tradename AXIRON™). The new drug application for AXIRON is currently under regulatory review by the U.S. Food and Drug Administration (FDA) for the treatment of testosterone deficiency (hypogonadism) in men.

Under the terms of the agreement, Lilly will receive exclusive worldwide rights to commercialize AXIRON. In exchange for these rights, Acrux will receive an upfront payment of $50 million plus $3 million on the transfer of manufacturing assets. Acrux is further eligible for $87 million upon the issuance of marketing authorization by the FDA, and up to $195 million in potential commercialization milestones, as well as royalty payments on future global sales if AXIRON is successfully commercialized. (All financial terms are denominated in U.S. dollars) As a result of this transaction, Lilly expects to incur a charge to earnings in the first quarter of 2010 of approximately $.03 per share.


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