Vectura Announces First Product Deal in GyroHaler®
04 Apr 2006
Vectura announces collaboration agreement with leading international pharmaceutical company for combination asthma therapy
Chippenham, UK, April 4 2006: Vectura Group plc (LSE: VEC) ("Vectura") today announces that it has signed a European collaboration, development and licence agreement with a leading international pharmaceutical company for Vectura's VR315, a combination asthma therapy. VR315 will be developed as a generic combination product using GyroHaler®. This agreement comes less than a year after Vectura commenced development of 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 VR315 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. Vectura will have access to all clinical data generated by its partner. In addition, Vectura's partner intends to provide, if required, US-compliant manufacturing facilities for the blister filling and assembly of VR315 for non-European territories.
In addition, Vectura's partner has an option to license a second generic combination therapy in GyroHaler for the European market, which is based on two different existing asthma treatments.
Vectura will receive up to €22.5 million in milestones and development funding. An initial payment of €5.6 million will be received in April 2006 and the remaining €16.9 million will be received before VR315 is launched. In addition, Vectura will earn royalties on all VR315 sales and 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:
"This is the second major licensing deal we have delivered in the last 12 months and the first for a product delivered using GyroHaler®. It is further endorsement of the added value Vectura can deliver in respiratory product development both with our formulation expertise and with our devices. 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 VR315 for other territories."
Enquiries
Vectura Group plc +44 (0) 1249 667 700
Chris Blackwell, Chief Executive
Anne Hyland, Chief Financial Officer
Financial Dynamics +44 (0) 207 831 3113
David Yates/Sarah MacLeod/John Gilbert
Notes for Editors
About Vectura
Vectura's principal focus is the development of a range of inhaled drugs for the treatment of both lung diseases and other conditions where optimised delivery via the lungs can provide significant benefits, such as a rapid onset of action, improved efficacy and improved tolerability compared with current therapies.
Vectura's strategy is to combine its proprietary, innovative, pulmonary formulation and device technologies (PowderHale®, Aspirair® and GyroHaler®) with existing, off-patent drugs either for use in new indications or to provide inhalation as an improved route of administration. The Company seeks to license its lead products to pharmaceutical companies with established sales and marketing infrastructures for the later stages of development and for commercialisation, typically prior to Phase III clinical development. The Company has development collaborations with a number of companies, including Novartis, GSK and Chiesi. For further information, please visit Vectura's website at www.vectura.com
