Moberg Pharma AB (publ) announced today an exclusive licensing agreement with Karo Healthcare AB for the commercialization of MOB-015 (Terclara®) in Europe, marking a strategic milestone for both companies in the area of antifungal therapeutics. This agreement covers 19 key European markets, collectively representing a population of approximately 500 million people, including all major EU countries, the UK, and eleven nations where Terclara® has received approval but is yet to be launched. The deal positions Moberg Pharma and Karo Healthcare to execute a coordinated, continent-wide launch of MOB-015 under the globally recognised Lamisil® brand, subject to local regulatory approvals.

Moberg Pharma, headquartered in Sweden, has highlighted Karo’s robust commercial and distribution infrastructure, which extends across Europe’s leading pharmacy chains and is supported by established expertise in both prescription and over-the-counter (OTC) segments. Karo Healthcare, backed by investment firm KKR, has ambitious growth objectives and deep regulatory capabilities required to facilitate broad market penetration for MOB-015. Notably, Karo will assume responsibility for all marketing, distribution, and sales functions throughout the covered territories, while Moberg Pharma retains commercial ambitions for other regions, especially the United States.

The licensing agreement is financially structured with undisclosed royalties and compensations. It is designed to leverage Karo Healthcare’s ability to swiftly deploy prescription-to-OTC switches and manage complex launches under the Lamisil® brand, further differentiating MOB-015 from earlier topical terbinafine formulations. According to Karo Healthcare, MOB-015/Terclara® represents a next-generation solution for onychomycosis (nail fungus), with registration studies showing 76% of treated patients achieved mycological cure, reaching efficacy levels comparable to oral formulations—a benchmark not historically matched by topical agents.

Launching MOB-015 under the Lamisil® brand capitalizes on existing consumer trust and market presence, but requires regulatory clearance for brand use in pharmaceutical products, impacting launch timelines. Both organizations outlined plans to expand active marketing authorizations and gain new approvals, prioritizing countries where Terclara® is already registered due to regulatory constraints around name changes. The product will be promoted with the concept ‘Powered by Terclara®’, maintaining visibility for Moberg Pharma within the market ecosystem even as distribution is outsourced to Karo.

This partnership provides Moberg Pharma rapid pan-European access, bypassing the lengthy market development process that would have been necessary if undertaken without Karo’s established commercial machinery. The strategic nature of the deal is accentuated by the backdrop of intensifying competition within Europe’s antifungal therapeutics sector and the increasing demand for innovative topical products with proven efficacy.

Moberg Pharma disclosed the agreement in accordance with the EU Market Abuse Regulation (MAR) and confirmed plans to actively progress regulatory filings and commercial launches as soon as feasible. The partnership also aligns with Karo Healthcare’s aim to cement its position in the foot health segment, an area of core business focus supported by a portfolio of well-established brands and extensive commercial, regulatory, and consumer insights.

The announcement was released for public dissemination on November 5, 2025, underscoring the strategic momentum of both Moberg Pharma and Karo Healthcare in the European pharmaceutical landscape and setting the stage for the broad availability of MOB-015/Terclara® in pivotal antifungal therapy markets for the foreseeable future.