Our analysis concludes that if the sNDA filed by BioSpecifics Technologies' (BSTC) commercial partner, Endo International PLC (ENDP), for the use of BSTC's injectable collagenase ("CCH") in a product called XiaFlex to treat cellulite of the buttocks, is approved by the FDA as anticipated on July 6, 2020, the resulting XiaFlex sales in this indication could be a BLOCKBUSTER on an unprecedented scale for BSTC's commercial partner ENDP. Our analysis concludes the resulting royalties of between 12 & 12.5% due BSTC from ENDP sales could more than triple current annual BSTC revenues.
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