28th Nov 2013 10:30
LONDON (Alliance News) - Consort Medical PLC Thursday said its Bespak unit has won a multi-year deal to produce the company's DEV610 dry powder inhaler as a proprietary inhaler for an international pharmaceutical company.
In a statement, the medical device company said the deal has an initial exclusivity period. It said the customer details remain confidential for the time being.
Bespak will have to build a further dedicated building at its King's Lynn site to accommodate the additional moulding and assembly capacity to produce the contracted volumes.
"Revenues from the contract will be dependent on sales following regulatory approval and launch of any products utilizing the device," Consort Medical said, without providing any other financial details.
It expects initial launch in 2015.
"We are delighted to have secured this major contract, which further leverages our operational and regulatory expertise in the production of high volume, premium quality drug delivery devices," Consort Medical Chief Executive Jonathan Glenn said.
Consort Medical shares were up 1.8% at 877.19 pence Thursday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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