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Antares said the payment was related to the development of an undisclosed consumer health care product. In December 2011 Antares licensed drug delivery technology to Pfizer. Pfizer agreed to give Antares an upfront payment and milestone payments related to development and sales of the product, as well as royalties on any sales made in the first three years after product approval.
Shares of Antares Pharma rose 12 cents, or 2.8 percent, to $4.40 on Tuesday.