STOCKHOLM, May 21, 2018 /PRNewswire/ -- Pfizer has informed Karo Pharma that a new milestone has been achieved. This means that Karo Pharma receives a payment of 6 MUSD.
In December 2011, Karo Pharma entered a research collaboration and licensing agreement with the American company Pfizer. The aim of this agreement is to discover and develop compounds that inhibit the activity of the nuclear hormone receptor RORgamma, for treatment of autoimmune diseases. The development is lead by Pfizer according to the terms of the agreement. Pfizer has global exclusive rights to use, develop, manufacture and commercialize the compounds and products developed under the agreement, and holds patents relating to the compounds and products developed.
Karo Pharma can receive up to 200 MUSD when Pfizer achieves certain development and sales milestones in the project. In addition, Karo Pharma is entitled to royalties on future sales.
"We are very pleased to receive this milestone and that the project is moving forward successfully" says Anders Lönner, Chairman of the Board, Karo Pharma.
ABOUT KARO PHARMAKaro Pharma is a specialty pharma company that develops and markets products to pharmacies and directly to healthcare providers. The share is listed on Nasdaq Stockholm in the Mid Cap segment.
The information in this report is such that Karo Pharma is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication on May 21, 2018 at 08.00 CET. This press release is also available on www.newsroom.cision.com.
FORWARD-LOOKING STATEMENTSThis news release contains certain forward-looking statements that are based on uncertainty, as they relate to events and depend on circumstances that will occur in the future and which, by their nature, may have an impact on results of operations and the financial condition of Karo Pharma. Such forward-looking statements reflect our current expectations and are based on the information currently available. Karo Pharma cannot give any assurance as to whether such forward-looking statements will prove to be correct. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.
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SOURCE Karo Pharma