Antares Pharma (ATRS) Says Pfizer (PFE) Hit Development Milestone, Payment Triggered

October 2, 2012 7:02 AM EDT
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Antares Pharma, Inc. (Nasdaq: ATRS) announced that its partner Pfizer Inc. (NYSE: PFE) achieved a development milestone related to its undisclosed Consumer Healthcare product.

This development milestone in Antares’ collaboration with Pfizer triggers a $750,000 payment to Antares. In December of 2011, 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. Pfizer has assumed full cost and responsibility for all clinical development, manufacturing and commercialization of the product in the licensed territory, which also includes certain non-exclusive territories outside of North America. Antares received an upfront payment, and will receive development and sales based milestones, as well as royalties on net sales for three years post launch in the U.S.

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