Karo Bio and Bristol-Myers Squibb Extend Obesity Collaboration

KARO BIO AND Bristol-myers squibb extend OBESITY COLLABORATION

Bristol-Myers Squibb extends the obesity drug discovery collaboration
with Karo Bio for an additional six months.

Karo Bio and Bristol-Myers Squibb Company (NYSE: BMY) have been
collaborating for development of a new obesity treatment by targeting
the thyroid hormone receptor since 1997. The three-year collaboration
has been prolonged for two years and the joint drug discovery
collaboration, which should now have ended, is instead prolonged for an
additional six months period. The collaboration has been successful in
demonstrating proof of principle in relevant animal models and the
collaboration is now focused on selection of a new clinical development
candidate. The first compound in the clinic was abandoned in March this
year due to safety reasons.

Bristol-Myers Squibb will continue to focus on obesity and aims to bring
a new compound into the clinic.

“We are very impressed with the pre-clinical data so far generated in
this promising drug discovery project aimed at development of new
obesity treatments” says Björn Nilsson, President of Karo Bio. “The
competence of Bristol-Myers Squibb in the metabolic disease area will be
very important for bringing a new compound to clinical development.”

For further information, please contact
Per Otteskog, Senior vice President, tel +46 8 608 60 18,
mobile +46 70 632 75 27
.

Background
Karo Bio has operations in Sweden and the United States. The Company
employs 140 people.

Karo Bio has been listed on the Stockholm stock exchange (Reuters:
KARO.ST) since 1998 and maintains a leading position in the field of
drug discovery focused on nuclear receptors. Nuclear receptors are
validated drug targets for a number of clinical indications and the
Company uses proprietary technologies for the development of novel and
improved therapies for major markets. Karo Bio has 400 patent cases
including 128 granted patents.

Karo Bio has drug discovery programs in several therapeutic areas
including men and women’s health care, metabolic disorders such as
obesity, cardiovascular disease, diabetes, dermatology and
ophthalmology.

Karo Bio collaborates with major pharmaceutical companies for the
development of products and marketing. In these partnerships Karo Bio
receives upfront payments, R&D funding and milestone payments, as well
as royalties on net sales when products reach the market.

Karo Bio has strategic pharmaceutical drug discovery partnerships with
Abbott Laboratories, Bristol-Myers Squibb, Merck & Co., Inc. and Wyeth
Pharmaceuticals.

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