Antares Pharma, Inc. announced an exclusive agreement with LEO Pharma for the promotion and marketing of 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 including an upfront payment of $5 million. 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. LEO Pharma will be responsible for promotion and marketing activities in dermatology, according to Antares Pharma.

Paul Wotton, PhD, President and Chief Executive Officer of Antares Pharma, said in a statement, "Collaborating with LEO on the launch creates a very strong partnership allowing Antares to team up with and benefit from a very successful commercial organization while LEO expands their portfolio with a new product in their field of expertise. With a dedicated US sales force of 75 representatives focused solely on the treatment of psoriasis, we believe LEO Pharma will be able to introduce and establish Otrexup as an important new treatment option with significant growth potential in dermatology while complementing our own dedicated sales representatives detailing Otrexup for rheumatoid arthritis."

"We are excited to launch and promote Otrexup to dermatologists as an important new treatment option for psoriasis patients and we look forward to working with our partner Antares to provide the necessary service, knowledge and expertise to successfully introduce Otrexup," said Lars Olsen, Executive Vice President, LEO Pharma A/S. "As a global leader in the treatment of psoriasis, we have continually offered innovative and novel treatment solutions to patients. The ease of use and improved bioavailability that Otrexup delivers will expand our current portfolio of products for the treatment of psoriasis and help LEO Pharma continue to realize its vision of being the world's leading dermatology specialty pharmaceutical company."