Vectura Announces a Second Asthma Collaboration Agreement with a Leading International Pharmaceutical Company
18 December 2007
Chippenham, UK – December 18 2007: Vectura Group plc (LSE: VEC) (“Vectura”) today announces that its undisclosed European collaboration partner for VR315 has exercised an option to license VR632, a second combination asthma therapy. VR632 will be developed as a generic combination product using GyroHaler®. This agreement follows the March 2006 agreement with the same European partner for VR315.
Vectura's GyroHaler® is a multi-dose, dry powder inhaler developed with the aim of providing a number of advantages over competing devices. These include better convenience for patients, more consistent, precise dosing and excellent moisture protection; a key distinguishing factor in inhaled drugs which are in a fine powder form.
Under the terms of the agreement, Vectura will be responsible for the further formulation development of VR632 and for the commercial manufacture and supply of the GyroHaler® device. Vectura’s partner will be responsible for the clinical development, manufacture and European marketing of the product, with Vectura having access to all clinical data generated from the collaboration. Vectura’s partner intends, if required, to provide US-compliant manufacturing facilities for the blister filling and assembly of VR632 for non-European territories.
Vectura will receive up to €15.5 million in milestones and development funding prior to launch of VR632 and will earn royalties on all product sales, as well a margin on the commercial manufacture and supply of GyroHaler®.
The agreement covers Europe and certain other countries, with Vectura retaining the rights for the US, Japan, Canada, South America, Australia, New Zealand and some other territories.
Combination therapy for asthma is the biggest and fastest growing sector of the asthma market with annual sales currently exceeding $6 billion and European annual sales estimated at approximately $1.5 billion.
Dr Chris Blackwell, Chief Executive of Vectura, said:
"We are delighted to be extending our collaboration with our VR315 partner, providing further validation of the progress we have made to date. It is a major extension to one of the three key licensing deals we have concluded for products delivered using GyroHaler® and is the second announcement relating to this technology in as many months. It is also further endorsement of the added value Vectura can deliver in respiratory product development. The territorial nature of this agreement allows us to continue our efforts to deliver value in the future by the further development and licensing of VR632 in other territories.”
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Enquiries:
Vectura Group plc +44 (0)1249 667 600
Dr Chris Blackwell
Anne Hyland
Julia Wilson
Financial Dynamics +44 (0)20 7831 3113
David Yates
Sanjeev Pandya
Susan Quigley
Notes for Editors:
About Vectura
Vectura is a pulmonary product development company focused principally on the development of a range of inhaled therapies for the treatment of respiratory and neurological diseases. The respiratory market is forecast to achieve sales of $32 billion by 2011. Vectura develops products to treat respiratory diseases such asthma, COPD and cystic fibrosis. Vectura also develops products where optimised delivery via the lungs into the blood stream can provide significant benefits, such as a rapid onset of action, improved efficacy and improved tolerability compared with current therapies.
Vectura has eight marketed products and a portfolio of drugs in clinical and pre-clinical development, some of which have been licensed to major pharmaceutical companies. The Company also seeks to develop certain programmes further through development to optimise value at a later licensing stage. Vectura also offers its formulation and inhalation technologies to other pharmaceutical companies on a licensing basis where this complements Vectura’s business strategy.
Vectura has development collaborations with a broad range of pharmaceutical companies including Boehringer Ingelheim, Novartis, and Chiesi. The acquisition of Innovata in January 2007 brought established alliances with a number of additional companies, such as Baxter, GSK, Merck Generics (part of Mylan Inc), UCB and Otsuka as well providing revenue streams, complementary products and critical mass.
For further information, please visit Vectura’s website at www.vectura.com
Forward-Looking Statements
This press release contains “forward-looking statement”, including statements about the discovery, development and commercialisation of products. Various risks may cause Vectura’s actual results to differ materially from those expressed or implied by the forward-looking statements, including adverse results in clinical development programmes; failure to obtain patent protection for inventions; commercial limitations imposed by patents owned or controlled by third parties; dependence upon strategic alliance partners to develop and commercialise products and services; difficulties or delays in obtaining regulatory approvals to market products and services resulting from development efforts; the requirement for substantial funding to conduct research and development and to expand commercialisation activities; and product initiatives by competitors. As a result of these factors, prospective investors are cautioned not to rely on any forward-looking statement. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
