29th Apr 2014 11:16
LONDON (Alliance News) - Respiratory treatment development company Vectura Group PLC Tuesday said it has triggered a GBP2 million milestone payment from GlaxoSmithKline PLC, a day after the drugs giant launched its chronic obstructive pulmonary disease treatment Anoro Ellipta in the US.
Glaxo signed a license and option to license deal for some Vectura dry powder formulation patents in August 2010. Under the terms of the deal, Vectura got an up-front payment of GBP10 million in September of that year, and was then due to receive a further GBP10 million in milestone payments. Vectura said all the milestone payments have now been triggered.
Glaxo and Theravance Inc Monday launched their chronic obstructive pulmonary disease treatment Anoro Ellipta at retail pharmacies in the US. Under the terms of a separate agreement between those companies, Theravance agreed to make a milestone payment of USD30 million to Glaxo following the US launch of the product.
Vectura Group shares were up nearly 2% at 138.70 pence Tuesday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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