STOCKHOLM, Nov. 5, 2019 /PRNewswire/ -- In December 2011, Karo Pharma Aktiebolag ("Karo Pharma") entered into a research collaboration and license agreement with Pfizer, with the purpose of discovering and developing substances that hamper the activity in the nuclear hormone receptor ROR-gamma, for treatment of autoimmune diseases. After completion of the initial research collaboration, Pfizer has conducted the development work in-house, in accordance with the terms of the agreement.
Pfizer has informed Karo Pharma about its decision to terminate the specific development project, PF-06763809. As a result, Karo Pharma will not receive further development and sales milestones related to the project. In May 2018 Karo Pharma communicated theoretical milestones of up to 200 MUSD.
The termination of the project has no impact on the running operations nor the business outlook.
For further information, please contact:
Christoffer Lorenzen, CEO, +4673-501 76 20, christoffer.lorenzen@karopharma.com
Jon Johnsson, CFO, +4673-507 88 61, jon.johnsson@karopharma.com
About Karo Pharma
Karo Pharma is a pharmaceutical company specialised in sales and marketing of prescription pharmaceuticals and over-the-counter products sold in pharmacies and retail. Karo Pharma is listed on Nasdaq Stockholm Mid Cap.
This information is such information that Karo Pharma is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 08.30 CEST on 5 November 2019.
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https://news.cision.com/karo-pharma/r/termination-of-project-regarding-ror-gamma,c2953661
The following files are available for download:
https://mb.cision.com/Main/72/2953661/1135674.pdf | Press release (PDF) |
