Pfizer (PFE) Approved for Xiapex in Europe

Pfizer Inc. (NYSE:PFE) announced late Monday they have received approval from the European Commission for the Dupuytren's contracture treatment Xiapex.

According to Pfizer, Xiapex is the first injectable treatment to be approved in the European Union for Dupuytren's contracture, and the drug will be made available in some European markets in the latter part of 2011.

Dupuytren's contracture causes the tendons of the hand to thicken and shorten, resulting in the fingers to curving inward. Pfizer has marketing rights to sell the treatment for Dupuytren's contracture in Europe.

For the rest of the world, Auxilium Pharmaceuticals Inc. (NASDAQ:AUXL) has the marketing rights to sell Xiaflex.

Pfizer closed Monday at $19.24, gaining $0.38, or 2.01 percent. Auxilium closed at $22.47, up $0.06, or 0.27 percent.