26th Feb 2015 11:25
LONDON (Alliance News) - Vernalis PLC said Thursday it has entered into a licence deal with an undisclosed US-based biotechnology company, with an upfront payment of USD1 million.
Under the deal it has licensed exclusive, worldwide rights to its adenosine receptor antagonist programme, including the lead drug candidate, V81444, for use in all therapeutic applications.
The company said the deal has the potential for its to earn over USD200 million in potential development, regulatory and sales milestone payments. Additionally, if a product reaches the market, it will receive single digit royalties with the potential to reach double digit royalties in "certain circumstances."
"We are delighted to have secured an ideal partner for V81444 and our adenosine receptor antagonist programme and look forward to the development of V81444 and this interesting class of compounds for the potential benefit of patients worldwide," said Chief Executive Officer Ian Garland in a statement.
Shares in Vernalis are trading up 5.8% at 48.79 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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