Vectura Group plc Vectura achieves £9 million royalty cap (0193X)
16 February 2017 - 6:00PM
UK Regulatory
TIDMVEC
RNS Number : 0193X
Vectura Group plc
16 February 2017
Vectura Group plc
Vectura achieves GBP9 million royalty cap from GSK Ellipta(R)
products
Chippenham, UK, 16 February 2017: Vectura Group plc (LSE: VEC)
("the Group"), an industry-leading inhaled airways disease focused
business, announces that, based on the continued strong performance
of GSK's Ellipta(R) products reported by GSK in its Q4 2016 results
announced on 8 February 2017 and the Group's subsequent receipt of
its royalty statement from GSK, it has achieved the GBP9 million
calendar year royalty cap on net sales of these products in 2016, a
year earlier than previously guided.
Vectura receives a low single-digit percentage royalty on net
sales of GSK's Ellipta(R) products (Breo(R) /Relvar(R) Ellipta(R) ,
Anoro(R) Ellipta(R) and Incruse(R) Ellipta(R) ) under a legacy
Skyepharma agreement with GSK, subject to a cap of GBP9 million per
calendar year. The Group will record GBP5.4 million of this capped
amount in its 2016 revenues, representing income since 10 June
2016, the effective date of the merger with Skyepharma.
This is additional to the royalties earned in respect of a
separate Vectura legacy agreement with GSK which was subject to a
GBP13 million calendar year cap. As announced in July 2016, this
cap was materially achieved before GSK decided not to extend the
term of this latter agreement. Accordingly, for the financial year
1 April to 31 December 2016, the Group will record GBP7.3 million
royalties under this legacy agreement.
James Ward-Lilley, Chief Executive Officer, commented:
"We are pleased to see continued momentum in Vectura's recurring
revenues driven by the strong performance of our partnered marketed
respiratory products. The merger with Skyepharma has added to the
Group's growing revenue streams and combined with anticipated
pipeline and partnered programme developments, Vectura is well
positioned to capture a growing share of the evolving respiratory
market."
- ENDS -
Enquiries
Vectura Group plc +44 (0)1249 667700
Andrew Derodra - Chief Financial Officer
Fleur Wood - Director Communications
Elizabeth Knowles - Director Investor Relations and Analysis
Consilium Strategic Communications +44 (0)20 3709 5700
Mary-Jane Elliott / Sue Stuart / Jessica Hodgson vectura@consilium-comms.com
About Vectura
Vectura, a FTSE250 company listed on the London Stock Exchange
(LSE: VEC), is an industry-leading inhaled airways disease focused
business with proprietary formulation and devices across DPI, pMDI
and "smart" nebulisation platforms. With our extensive range of
technologies, capabilities and collaborations, we believe we can
become a leader in the development of inhalation products,
increasing our ability to help patients suffering from respiratory
diseases. In June 2016 Vectura completed a merger with Skyepharma
PLC.
Vectura has seven inhaled, four non-inhaled and ten oral
products marketed by partners with growing global royalty streams,
and a portfolio of drugs in clinical development, a number of which
have licence agreements with several global pharmaceutical and
biotechnology companies including Hikma, Novartis, Sandoz,
Mundipharma, Kyorin, Baxter, GSK, UCB, Ablynx, Grifols, Chiesi,
Almirall, Janssen, and Tianjin KingYork.
For further information, please visit Vectura's website at
www.vectura.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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