2nd Oct 2015 06:41
LONDON (Alliance News) - Vectura Group PLC on Friday said its partner on the VR876 lung disease programme has achieved a development milestone in Europe, triggering a payment to Vectura.
The FTSE 250-listed company, which makes inhalers for respiratory conditions, said the milestone reached by the partner, the identify of which has not been disclosed, has triggered a cash milestone payment to Vectura of around EUR5.0 million.
The agreement comprises further commercial milestones and tiered royalties for any net sales of the products in the European Union and internationally should any successful launches take place, Vectura said.
"This development is a very positive step and we look forward to receiving regulatory action in 2016 and subsequent commercialisation, if approved," said Vectura Chief Operating Officer Trevor Phillips.
By Sam Unsted; [email protected]; @SamUAtAlliance
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