25th Mar 2014 13:40
LONDON (Alliance News) - Vectura Group PLC said Tuesday that it had triggered a USD3 million development milestone payment through the development of its VR315 product in the US with a pharmaceutical company.
Vectura did not name the pharmaceutical company.
Vecture is eligible to receive up to a further USD29 million upon achievement of future pre-determined development milestones. These milestones, combined with the initial payment of USD10 million in August 2011, bring the total receivable to USD45 million. It will also receive royalties from sales of VR315, the company said.
"This milestone further de-risks our high value respiratory generic portfolio in the US, provides an important cash milestone to Vectura and is another step forward in the product's development," said Chief Executive Chris Blackwell in a statement.
Shares in Vectura were trading up 0.5% at 151.75 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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