Eli Lilly and Co. and Acrux Ltd. mutually agreed to terminate the license agreement for Acrux's testosterone product Axiron.

The license termination is effective immediately in the U.S., and 90 days thereafter outside the U.S. Global rights to Axiron will revert to Acrux following the termination.

Eli Lilly and Acrux announced their exclusive worldwide license agreement for Axiron on March 15, 2010. The deal included an up-front payment of $50 million to Acrux, plus $3 million on the transfer of manufacturing assets.

Generic versions of Axiron were launched in the U.S. by Perrigo Co. plc and Teva Pharmaceutical Industries Ltd. in July and August, respectively, along with an authorized generic marketed by Prasco.

Axiron is used to treat testosterone deficiency in men.