30th Oct 2015 07:43
LONDON (Alliance News) - Vectura Group PLC on Friday said it has secured two milestone payments following an approval of an inhaler in the US and after hitting a development milestone in Europe.
FTSE 250-listed Vectura said the US Food and Drug Administration has approved the dual combination Utibron Neohaler and Seebri Neohaler products for the long-term treatment of patients with chronic obstructive pulmonary disease.
The approval has triggered a USD22.5 million milestone payment to Vectura from Swiss pharmaceuticals giant Novartis AG, Vectura's partner on the product.
Separately, Vectura has been paid a USD750,000 cash milestone after a further development milestone was hit for its VR632 therapy in the European Union. VR632 is an asthma and COPD inhaled treatment therapy which users Vectura's dry powder inhaler and formulation technology.
The milestone payment has been made by Sandoz, a unit of Novartis.
By Sam Unsted; [email protected]; @SamUAtAlliance
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