Vectura Group plc, which specialises in the development of products for the treatment of airways-related diseases, has announced that its undisclosed partner on the VR876 programme has achieved an important development milestone in Europe, which triggered a cash milestone payment of €5m (circa. £3.6m) to Vectura.
Vectura said in an announcement on Friday that the agreement comprises further commercial milestones and tiered royalties on any net sales in the EU/RoW in the event of successful launches. Financial terms of the agreement have not been disclosed.
VR876 – Europe/RoW
According to Vectura, VR876 is being developed by our partner for the treatment of serious lung disease.
Trevor Phillips, Vectura COO, commented:
“This development is a very positive step and we look forward to receiving regulatory action in 2016 and subsequent commercialisation, if approved. The announcement demonstrates the value generation starting to be derived following the acquisition of Activaero. This achievement is underpinned by the excellent relationship, combining the device and development strengths of Vectura and the commercialisation expertise of our partner. Vectura continues to be viewed as a partner of choice by companies seeking to address the unmet medical needs of patients with airway diseases.”