LONDON (Alliance News) - Vectura Group PLC said Tuesday that its financial performance and the progression of its product pipeline in the year-to-date has been in line with its expectations.
The pharmaceutical company said that following its acquisition of Activaero GmbH in March, the integration of the business is progressing well.
In the year-to-date the company has signed a development and license agreement for the US rights to its VR506 asthma treatment with its undisclosed US partner. Under the agreement Vectura will provide support for the US development of VR506, for which it will get an initial payment of USD4 million and up to USD8 million on the achievement of milestones.
Further fees may be payable to Vectura if the programme progresses beyond a pre-defined milestone, it said, and the company will also receive a royalty from all US sales of VR506.
It also made progress with its VR315 generic programme for asthma and chronic obstructive pulmonary disease, triggering a USD1.5 million milestone in June related to its development. The roll-out of the Seebri Breezhaler and Ultibro Breezhaler continued, with partner Novartis International AG reporting sales of USD67 million and USD36 million, respectively, for the first two quarters of 2014.
Novartis expects the US filing of the two treatments to take place in the fourth quarter of 2014.
In April, the company triggered a GBP2 million milestone from its licence agreement with GlaxoSmithKline PLC. Under this deal it also receives royalties on the sales of Glaxo's Breo Relvar Ellipta and Anoro Ellipta treatments for up to GBP13 million per year. During the first two quarters of 2014, Glaxo reported sales of GBP11 million for Breo Relvar Ellipta, and GBP5 million for Anoro Ellipta.
"Vectura is well positioned to continue its transition towards creating a leading specialty pharmaceutical company focused on airways disease," said Chief Executive Chris Blackwell in a statement.
Vectura will announce its interim results on November 18.
Shares in Vectura were trading up 0.1% at 143.12 pence Tuesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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