SHARES in Melbourne-based biotech Acrux crashed 28% down 7.5 cents to 19 cents last night upon news of termination of its testosterone replacement therapy Axiron licensing deal with US-based pharmaceutical giant Eli Lilly and Co, according to Sky News.
Acrux secured its licensing deal in 2010, which Acrux described as one of the largest such deals undertaken by an Australian biotech company, but now it will terminate in 90 days.
Acrux said generic testosterone treatments were creating commercial uncertainty, and the testosterone market was declining.
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