04/08/2013 08:18 EDT | Updated 06/08/2013 05:12 EDT

Canadian drug developer Theratechnologies parts ways with international partner

MONTREAL - Theratechnologies Inc. (TSX:TH) has parted ways with the company that was taking the lead in commercializing its main product in Europe, Russia and several Asian countries.

Montreal-based Theratechnologies says its distribution and licensing agreement with Ferrer International SA has been terminated by mutual consent.

Theratechnologies developed tesamorelin as a treatment for excess abdominal fat in HIV-infected patients with lipdystrophy.

The company's product for treatment, called Egrifta, is marketed in the United States by EMD Serono. However, Theratechnologies has run into difficulty getting regulatory approvals for Egrifta in Canada and Europe.

Theratechnologies president and CEO Luc Tanguay said Monday that the company will work with "physicians, patient groups, regulatory consultants and certain regulators to assess a potential refiling in Europe for tesamorelin in 2013."