22nd Nov 2016 07:41
LONDON (Alliance News) - Generic drugs company Hikma Pharmaceuticals PLC on Tuesday said its US-based West-Ward Pharmaceuticals Corp unit has signed a development and licensing deal with FTSE 250-listed respiratory drug firm Vectura Group PLC.
Under the deal, Hikma will take over the clinical development, manufacturing and commercialisation of Vectura's generic salmeterol product, an asthma and chronic obstructive pulmonary disease treatment.
Hikma will pay Vectura an initial USD375,000 and potential further milestones of up to USD1.1 million under the agreement. Vectura also will be eligible for a share of future returns from the product.
"This latest agreement further validates Vectura's technology and value potential in the generics area which was strengthened by the merger with Skyepharma and the addition of the pressurised metered dose platform," said James Ward-Lilley, Vectura's chief executive.
By Sam Unsted; [email protected]; @SamUAtAlliance
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