19th May 2016 15:18
LONDON (Alliance News) - Vernalis PLC said Thursday that Suir Pharma Ltd, its sole supplier of the finished dosage form of its Moxatag antibiotic, has been placed into provisional liquidation.
Vernalis said that information is "limited" at this time, but the liquidator has indicated it plans to find a buyer for the business as a going concern.
Whilst Vernalis still expects to launch Moxatag this summer, uncertainty over further supply will hit its additional promotion over the product. Suir has already supplied launch stocks to Vernalis, but the timing of further supplies is now uncertain, as Suir is currently the only approved supplier under Vernalis' new drug application.
Vernalis does not expect a "material impact" on its financial position or trading results for the years to end-June 2016 and 2017.
Shares in Vernalis were down 11% at 43.50 pence Thursday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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