LONDON (Alliance News) - Vectura Group PLC on Thursday said it has received a further USD3 million milestone payment from the development of generic inhaled combination therapy for asthma and chronic obstructive pulmonary disease VR315 in the US.
Vectura received the milestone payment under a licence agreement with the US division of an undisclosed pharmaceutical company for the development of the drug, and has so far received milestones totalling USD9 million. It is eligible for a further USD23 million under future milestones, as well as royalty from all sales of the product in the US.
"The announcement of this further development milestone continues to demonstrate the progress being made on our highly valuable VR315 US respiratory programme and is underpinned with our excellent ongoing relationship with our partner," said Chief Executive James Ward-Lilley in a statement.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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