Published on August 25, 2009 at 4:00 AM
The Swedish biotech company Karo Bio (Reuters: KARO.ST) (STO:KARO) today announced that beginning September 1, 2009, Wyeth will take on all future research and development activities under the drug discovery collaboration between the parties.
The primary objective of the collaboration is to identify and select development candidates for treatment of inflammatory diseases, focusing on the liver X receptor (LXR) as target receptor. Karo Bio and Wyeth initially entered the collaboration in 2001.
“We are pleased that this exciting LXR program continues within Wyeth. Since Wyeth will perform all future research and development, Karo Bio will not put any more internal resources into the project and will therefore not receive any further research funding from Wyeth. However, the Collaboration, Research and License Agreement between the companies shall remain in effect”, commented Per Olof Wallström, President and CEO of Karo Bio.