Anacor Pharmaceuticals Announces Amendment to KERYDIN Commercialization Agreement

PALO ALTO, Calif.--(BUSINESS WIRE)--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.