Antares Pharma, Inc. (NASDAQ: ATRS) today announced the receipt of a second milestone payment of $5 million from LEO Pharma. The milestone payment was received in connection with the launch of OTREXUP and the achievement of a specific percentage of patient lives covered by managed care organizations. To date, Antares has received $10 million in milestone payments from LEO Pharma.
“We are excited that our partnership with LEO Pharma continues to evolve quickly,” said Paul Wotton, Ph.D., President and Chief Executive Officer of Antares Pharma. “In just four short months since the approval of OTREXUP, our collaboration has achieved a second significant milestone while still very early in the rheumatoid arthritis launch phase. We look forward to a successful launch of OTREXUP for the psoriasis indication, and the expertise LEO’s dedicated U.S. sales force of 75 representatives will bring to the overall commercialization plan.”
On November 14, 2013, the Company announced an exclusive license and promotion agreement with LEO Pharma for detailing OTREXUP (methotrexate) to dermatologists for symptomatic control of severe recalcitrant psoriasis in adults. Under the terms of the agreement, Antares may receive up to a total of $20 million in milestone payments. LEO Pharma will be responsible for all promotion and marketing costs in dermatology. Antares Pharma will record all product revenue associated with future dermatology prescriptions and pay LEO Pharma a percentage of OTREXUP net sales generated in dermatology.
About PsoriasisPsoriasis is a chronic autoimmune skin disease that most commonly appears as raised, red patches with a white build-up of dead skin cells. Psoriasis can affect the skin on any part of the body and occurs when the immune system sends out faulty signals that speed the growth cycle of skin cells. Psoriasis is generally considered to be severe if it covers more than 5%-10% of body surface, recalcitrant when it does not adequately respond to treatment and disabling when it interferes with basic functions such as self-care, walking, sleep, etc.