Milestone
University of Bath spin-out Vectura is to receive a £6 million milestone payment after extending its non-exclusive licence agreement with Boehringer Ingelheim, a specialist provider of therapeutics to treat asthma and chronic obstructive pulmonary disease. The collaboration aims to continue to develop a fully-integrated, multi-dose dry powder inhaler, which Boehringer is entitled to develop and market.
Since the initial collaboration in 2006, Vectura has received milestones and equity payments that amount to £30.2 million. Boehringer Ingelheim’s inhaled therapies are delivered by inhalation using its proprietary Spiriva, for which global markets are valued in excess of $23 billion and forecast to grow to over $46 billion by 2017.
Under the terms of the agreement, Vectura will receive milestones for each product developed in collaboration with Boehringer, as well as royalties on global sales of Boehringer Ingelheim products delivered using its proprietary Spiriva inhaler.
Dr Chris Blackwell, of Vectura, said: “Boehringer Ingelheim has demonstrated a strong commitment to respiratory medicine resulting in the successful development of products such as Spiriva. In such a high value and competitive market, the technology used to deliver respiratory medicines is key and must enhance the performance of the product. The benefits of a multi-unit dose blister inhaler over single-unit dose inhalers and reservoir inhalers is becoming increasingly apparent to companies intent on optimising the value of their products. In the large and rapidly-growing respiratory market, Vectura will continue to develop its own products and seek credible and committed partners to realise value from their products using Vectura’s technology.”
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