Bespak parent company Consort Medical has confirmed that British American Tobacco subsidiary Nicovations has terminated its supply agreements with Bespak for the Voke nicotine inhaler, effective immediately. According to Consort, Nicovations invoked a clause in the agreement allowing it to cancel in the event that the product failed to reach commercial launch by 31 December 2016.
Nicovations licensed the Voke inhaler from its developer, Kind Consumer in 2010. Bespak announced supply agreements for the Voke nicotine inhaler in 2011 and 2012, and the product was approved for smoking cessation in the UK in September 2014.
According to Bespak, the company “remains in a constructive dialogue with Kind Consumer and Nicovations over the future supply of the Voke nicotine inhaler which addresses a fast growing multi-billion dollar market.”
Consort Medical CEO Jonathan Glenn said, “Our recent interim financial results highlighted the underlying strength in Bespak and Aesica and the momentum emanating from the growing and diverse pipeline portfolio of significant development programs. Therefore, while we are naturally disappointed in the loss of the supply agreements for Voke to Nicovations, we continue our dialogue with Kind Consumer and with Nicovations on the future of the program and we remain highly confident in the robustness of the remainder of our business and our prospects for the future.”
Read the Consort Medical press release.
