Antares receives development milestone payment from Pfizer

Pfizer, the partner of Antares, has achieved development milestone related to its undisclosed consumer healthcare product.

In December 2011 Antares licensed one of its drug delivery technologies to Pfizer’s consumer healthcare business unit to develop an undisclosed product on an exclusive basis for North America.

As part of the license, Antares received an upfront payment and will also receive development and sales based milestones as well as royalties on net sales for three years post launch in the US.

Pfizer, under the granted license, assumed full cost and responsibility for all clinical development, manufacturing and commercialization of the product in the licensed territory, including certain non-exclusive territories outside of North America.

Antares president and chief executive officer Paul Wotton said Antares is extremely pleased with the progress Pfizer has made on the important product opportunity.

"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," Wotton added.