By Carlo Martuscelli

Vectura Group PLC (VEC.LN) said Friday that it is due to receive $2.5 million from drugmaker Novartis AG (NOVN.EB) after an asthma medication met a regulatory milestone.

The company, which specializes in inhaled medicines, licensed the proposed inhaled asthma therapy, QVM149, to Novartis in 2005, and is responsible for the development and commercialization of the product. The payment was triggered by the acceptance by European Union regulatory authorities of a marketing authorization application for the proposed drug.

Should QVM149 be approved in the EU it will receive another $5 million, plus royalties on sales.

Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com

(END) Dow Jones Newswires

May 24, 2019 03:21 ET (07:21 GMT)

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