Chippenham, UK – 22 November 2016: Vectura Group plc (LSE: VEC) (“Vectura”, “the Group”), an industry-leading inhaled airways disease focused business, today announces that it has signed a US development and license agreement with Hikma Pharmaceuticals PLC (“Hikma”) (through its wholly-owned subsidiary, West-Ward Pharmaceuticals) for Vectura's VR730 product. VR730 is a generic long acting beta-agonist (LABA) for the treatment of Asthma and COPD delivered using Vectura’s proprietary dry powder inhalation technology and device. According to IMS, US sales of inhaled DPI and pMDI LABAs were approximately $150 million in 20151.
Under the terms of this agreement, Hikma will be responsible for the US commercialisation and manufacture of the product together with clinical development. Vectura will complete the formulation development of VR730 which will largely be funded by Hikma and there is no material impact on the level of the Group’s R&D investment.
Vectura will receive an initial payment of $375,000 and potential further development, filing, approval and launch milestones up to an aggregate of $1.125 million. The Group is also eligible for a share of future returns of the product in line with its existing generic agreements, subject to certain recoveries by Hikma for the costs of the clinical endpoint pivotal trial.
James Ward-Lilley CEO of Vectura, commented:
“Extending collaborations with our existing partners is a key part of our strategy and this agreement reflects the excellent strategic relationship we have with Hikma. VR730 has good market potential and is a logical expansion of our work on the existing generic programmes with Hikma, VR315, the generic Advair® programme, and VR506 a generic, inhaled monotheraphy for asthma. This latest agreement further validates Vectura’s technology and value potential in the generics area which was strengthened by the merger with Skyepharma and the addition of the pressurised metered dose platform.
“As well as the development of VR730 with Hikma, the Group is actively pursuing additional generic opportunities with significant potential. As announced in our trading update in September, we are initiating development of three to five new generic inhalation assets that we expect to progress further with partners adding to our exciting pipeline of partnered novel and wholly-owned specialist assets.”
This announcement includes inside informationEditor's Details
Last updated on: 22/11/2016
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