Vectura has announced that under a license agreement with “the US division of a leading international pharmaceutical company” signed in 2011, it has reached a milestone associated with the US development of its VR315 salmeterol/fluticasone DPI (known as AirFluSal Forspiro in Europe).
According to the company, it received a payment of $10 million in August 2011 and is eligible for an additional $29 million for future milestones, for a total of $45 million, plus royalties from US sales of VR315.
Vectura Chief Executive Chris Blackwell said, “This news illustrates the progress being made in the development of VR315 in the US. This milestone further de-risks our high value respiratory generic portfolio in the US, provides an important cash milestone to Vectura and is another step forward in the product’s development.”
The company recently spent approximately $180 million to acquire Activaero.
Read the Vectura press release.
