Bristol-Myers Squibb and Karo Bio prolong collaboration

BRISTOL-MYERS SQUIBB AND KARO BIO PROLONG COLLABORATION

Bristol-Myers Squibb and Karo Bio announce a prolongation of their
collaboration for novel treatments of metabolic diseases.

The collaboration started in October 1997 and targeted the development of
novel therapies for treatment of obesity, hypercholesterolemia and insulin
resistance. The joint research program has been focused on development of
substances acting selectively on the thyroid hormone receptor as a way to
regulate dysmetabolic syndromes while sparing cardiovascular side effects.

“We are very enthusiastic about continuing our collaboration with Karo Bio.
The success in creating first generation leads and our excellent working
relationship establishes a standard by which to set new alliances,” says
Richard E. Gregg, M.D., Vice President of Metabolic and Cardiovascular Drug
Discovery, Bristol-Myers Squibb. “We are very excited about developing second
generation Lead Compounds to explore further opportunities that this class of
drugs provide, and we look forward to working with Karo Bio in developing
already identified compounds.”

“We are very happy that Bristol-Myers Squibb chooses to use its right to
prolong the collaboration” says Torben Jørgensen, President of Karo Bio.
“The collaboration has worked extremely well, and we are proud that the
collaboration has become a model for other external collaborations at Bristol-
Myers Squibb. Promising compounds are in development, but it is important that
we together continue to explore the area. There is an opportunity to develop
even better drugs for the treatment of metabolic disorders, an area with great
unmet medical need and market potential,” says Torben Jørgensen.

For further information contact:
Torben Jørgensen, President, Karo Bio
Direct telephone: +46-8-608 6020
Mobile telephone: +46-70-749 0811

Tracy Furey, Director, Public Affairs, Bristol-Myers Squibb
Direct telephone: +1-609-252-3208
Tracy.Furey@bms.com

Background
Karo Bio is a research-based pharmaceutical company developing pharmaceuticals
for the treatment of common diseases such as osteoporosis, cancer, diabetes,
and cardiovascular and metabolic diseases. The technology platform includes
both nuclear receptors, where Karo Bio has a leading position in the world,
and, after the acquisition of Novalon, knowledge of genomics. Development
takes place in collaboration with international pharmaceutical companies. Karo
Bio has collaborative agreements with such leading international
pharmaceutical companies as Abbott Laboratories, Bristol-Myers Squibb, Merck &
Co., Inc., Bayer AG, Ares-Serono, Millennium Pharmaceuticals Inc. and Novartis
Research Foundation. Karo Bio will now have over 110 employees and operations
in Stockholm, San Francisco and Durham, North Carolina. The company is listed
on the “O” List of the OM Stockholm Stock Exchange.

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