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news.Swedish drug discovery firm Karo Bio has received a significant milestone payment from Merck & Co, after moving a co-developed compound into clinical trials.
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The drug discovery and development collaboration between the two companies was initiated in November 1997 with the objective of developing new treatments targeting estrogen receptors (ERs). These may be particularly relevant in women’s healthcare, but also in other major clinical areas.
The joint drug discovery phase of the collaboration with Merck was completed in 2002 and has been successful in the discovery of numerous selective compounds. Merck has exclusive world wide rights to all compounds identified during the collaboration and is responsible for their further preclinical and clinical development.
In addition to the most advanced compound, Merck continues to evaluate additional compounds for potential use in other clinical indications. Karo Bio may receive additional milestone payments from Merck dependent upon the selection of new drug candidates, as well as the successful clinical development of the compounds and final drug approval. Karo Bio also has rights to royalties on future drug sales.
“We are very happy to achieve this important milestone in our productive collaboration with Merck”, said Dr Bjorn Nilsson, president & CEO of Karo Bio. “We are excited that clinical trials of this innovative ER subtype selective compound now are initiated for a major clinical indication.”