A testosterone-laced underarm roll-on that can improve men's flagging sex drive has been developed in Australia and snapped up by top 10 pharmaceutical giant Eli Lilly, The Australian reported on Tuesday.
Melbourne company Acrux said its roll-on testosterone treatment Axiron, which is applied once a day, had been picked up by Eli Lilly, in what it claims is one of the biggest licensing deals ever by an Australian biotech firm.
The deal is worth more than $335 million to the Melbourne company, before potential royalties.
Eli Lilly has the right to market the product to 143 countries, including Australia, on the condition the U.S. Food and Drug Authority approves Axiron.
"I believe this is one of the largest, if not the largest, licensing deals undertaken by an Australian biotech company," Acrux chief executive Richard Treagus said.
According to Acrux, 39 percent of men over 50 suffer from testosterone deficiency. The symptoms include lethargy, weight loss, mood swings, depression and low libido.
The only over-the-counter treatment currently available is a gel that is applied over the man's upper body and takes 10 minutes to dry.
Acrux believes the global market for Axiron is worth more than $1.1 billion and growing at 20 percent a year.
Get all the stories you need-to-know from the most powerful name in news delivered first thing every morning to your inbox