Antares Pharma partner Pfizer gets development milestone payment
Antares Pharma, Inc has said its partner Pfizer Inc has achieved a development milestone related to its unnamed consumer healthcare product.
This development milestone in Antares’ teams up with Pfizer triggering a $750,000 payment to Antares. Last year, in December, Antares licensed to Pfizer’s Consumer Healthcare business unit one of its drug delivery technologies to develop an undisclosed product on an exclusive basis for North America.
The drugmaker Pfizer has also assumed full cost and responsibility for all the clinical development, manufacturing and commercialization of the product in the licensed territory. This also includes some non-exclusive territories outside North America.
Antares also secured an upfront payment, and will also get the development and sales based milestones as well as royalties on net sales for three years after the launch in the U.S.
Paul K Wotton, Ph. D., President and Chief Executive Officer said, “We are extremely pleased with the progress Pfizer has made on this important product opportunity.” He also said, “We look forward to the continued progress of the development program on a product that we believe targets a significant therapeutic area.” He adds, “The rapid advancement of our pipeline with world class partners such as Pfizer provides a diversified business platform for Antares while we continue to internally develop our proprietary programs, which include novel injectable products for self-administration such as VIBEX MTX Medi-Jet for rheumatoid arthritis and VIBEX QS T for testosterone replacement therapy.”
Antares Pharma is a revenue-generating product. It focuses on specialty pharmaceutical company that has developed three proprietary platforms, 2 of which now include FDA approved products. Pfizer has a leading portfolio of products and medicines that supports wellness and prevention. It also treats and cures patients across a wide range of therapeutic areas.