Hikma signs agreement with Vectura for salmeterol

(ShareCast News) - Hikma Pharmaceuticals has signed a development and licensing agreement with Vectura for its generic salmeterol product (VR730) for the treatment of asthma and chronic obstructive pulmonary disease.Under the terms of the agreement - which has been signed by Hikma's US affiliate, West-Ward Pharmaceuticals Corp - Hikma will be responsible for the clinical development, manufacture and commercialisation of the product. Vectura will complete the formulation development of generic salmeterol, which will largely be funded by Hikma. Vectura will receive an initial payment of $375,000 and potential further development, filing, approval and launch milestones up to an aggregate amount of $1.13m. Vectura will also eligible for a share of future returns of the product, subject to certain recoveries by Hikma for the costs of the clinical endpoint pivotal trial.Mike Raya, chief executive officer of West-Ward Pharmaceuticals, said: "This builds on the strong relationship we have established through our programme for the development of generic Advair Diskus."By leveraging Hikma's strong R&D, high-quality manufacturing and excellent commercial capabilities, we are successfully executing our pipeline development strategy for our US generics business and improving patient access to high quality, affordable medicines."