Hikma announces agreement with Vectura
Hikma announces agreement with Vectura for the development of generic salmeterol for the US market
London, 22 November 2016 - Hikma Pharmaceuticals PLC (Hikma) (LSE: HIK) (NASDAQ Dubai: HIK) (OTC: HKMPY), (rated Ba1 Moody's / BB+ S&P, both stable), the fast growing multinational pharmaceutical group, announces that its wholly owned US affiliate, West-Ward Pharmaceuticals Corp. (West-Ward), has signed a development and licensing agreement with Vectura for its generic salmeterol product (VR730). Generic salmeterol is a generic long acting beta-agonists (LABA) for the treatment of asthma and COPD, delivered using Vectura's proprietary dry powder inhalation technology and device. According to IMS Health, US sales of inhaled DPI and pMDI LABAs were approximately $150 million in 2015.
Under the terms of this agreement, 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 $1.125 million. Vectura is 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, "We are very pleased to be extending our partnership with Vectura. 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."
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Enquiries
Hikma Pharmaceuticals PLC
Susan Ringdal, VP Corporate Strategy and Investor Relations +44 (0)20 7399 2760/ +44 7776 477050
Lucinda Baker, Deputy Director of Investor Relations +44 (0)20 7399 2765/ +44 7818 060211
West-Ward Pharmaceuticals
Keri Butler, US Public Affairs and Communications +1 614 272 4774/ +1 614 214 6657
FTI Consulting
Ben Atwell/ Matthew Cole +44 (0)20 3727 1000
About Hikma
Hikma Pharmaceuticals PLC is a fast growing multinational group focused on developing, manufacturing and marketing a broad range of both branded and non-branded generic and in-licensed products. Hikma operates through three businesses: "Injectables", "Branded" and "Generics", based principally in the United States, the Middle East and North Africa (MENA) and Europe. In the United States, Hikma operates through its wholly owned subsidiary, West-Ward Pharmaceuticals Corp., with operations based in New Jersey, Ohio and Tennessee.
This information is provided by RNS
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