Karo Pharma AB (STO:KARO), a drug research and development company, announced on Tuesday that Pfizer has informed the company about its decision to terminate the specific development project, PF-06763809. As a result, Karo Pharma will not receive further development and sales milestones related to the project.

In May 2018, Karo Pharma had communicated theoretical milestones of up to USD200m under this project.

The company added that in December 2011, it had entered into a research collaboration and license agreement with Pfizer (NYSE:PFE), with the purpose of discovering and developing substances that hamper the activity in the nuclear hormone receptor ROR-gamma, for treatment of autoimmune diseases.

After completion of the initial research collaboration, Pfizer has conducted the development work in -house, in accordance with the terms of the agreement, and has now terminated the project.

Karo Pharma clarified that the termination of this project has no impact on the running operations nor the business outlook.