LONDON (Alliance News) - Pharmaceutical company Vectura Group PLC said it is to receive a USD2.5 million milestone payment from Novartis AG relating to possible new asthma therapy QVM149.
Novartis filed a marketing authorisation application with EU regulatory authorities and is seeking regulatory approval for for QVM149 as a new inhaled combination therapy for asthma that is "inadequately controlled".
Vectura and its co-development partner Sosei Co Ltd licenced QVM149, which combines the drugs indacaterol acetate and glycopyrronium bromide, to Novartis in 2005. The treatment is administered as a once-daily formulation using a dry-powder device.
Vectura is to receive another USD5.0 million once QVM149 is approves in Europe, followed by royalties on net sales.
Vectura Chief Executive James Ward-Lilley said: "We are pleased to see the progression of the QVM149 program and the acceptance of the EU registration dossier ahead of its original timeline. Based on the strong phase two study results ...we believe this new asthma treatment has the potential to have a competitive profile and provide an important and compelling additional option for physicians and patients."
Shares in Vectura were flat at 78.50 pence on Friday morning.
