LONDON (Alliance News) - Vectura Group PLC Friday said it has triggered a USD1.5 million milestone payment from its development of asthma and chronic obstructive pulmonary disease therapy VR315.
Vectura signed a deal in August 2011 with the US arm of an undisclosed pharmaceutical company for the manufacturing and commercialisation of VR314 in the US.
So far, it has achieved development milestones totalling USD7.5 million under this deal, and is eligible to receive a further USD26 million upon future milestones. This, combined with the initial USD10 million payment, brings its total netted under deal to USD45 million. Vectura also will receive royalty from sales of the product in the US.
"This announcement of a further development milestone in 2014 continues to demonstrate the progress being made on the VR315 US development and forms a major part of our high value respiratory generic portfolio in the US," said Chief Executive Chris Blackwell in a statement.
Shares in Vectura are trading up 1.5% at 124.31 pence Friday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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