30th Jun 2014 10:35
LONDON (Alliance News) - Vectura Group PLC said Monday it has signed a collaboration, development and license agreement in the US for its asthma treatment VR506.
The deal is with the company's existing US partner for its combination asthma therapy VR315. Vectura didn't disclose the name of the partner, calling it "a leading international pharmaceutical company".
Under the agreement, the partner will be responsible for the commercialisation, manufacture and clinical development of the product. Vectura will receive initial payment of USD4 million to provide support for the US development of the drug, and can receive up to USD8 million on the achievement of certain milestones.
It may receive further development fees if it progresses beyond a pre-defined milestone, it said, and it will receive a royalty from all sales of VR506 in the US.
"This is an important step for the development of VR506 for the potentially lucrative US market and it extends the successful collaboration with our established US partner," said Chief Executive Chris Blackwell in a statement.
Shares in Vectura were trading up 2.5% at 132.50 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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