Shares in Chippenham-based specialist drugs developer Vectura Group hit a record high last Friday after it announced its asthma treatment had completed a clinical trial in the US – paving the way for a potential $45m (£31m) payment.
The generic, inhaled combination therapy – known as VR315 – uses Vectura’s innovative dry powder inhaler and formulation technology. It has also been designed to treat chronic obstructive pulmonary diseases (COPDs) such as chronic bronchitis and emphysema. 
In 2011 Vectura signed a licence agreement with US firm Roxane Laboratories – a subsidiary of Boehringer Ingelheim Corporation - to develop, manufacture and commercialise VR315 in the US. So far, Vectura has received a total of $12m as the drug reached certain development milestones under the agreement.
Vectura is eligible to receive a further $23m on achievement of future pre-determined development milestones on VR315. Vectura will also receive royalties from all VR315 sales in the US.
Vectura CEO James Ward-Lilley said: “This announcement marks an important step in the progression to market for our VR315 programme. With the completion of this important clinical trial and details of the study and partner disclosed we now look forward to submission of the file, positioning VR315 competitively in what will be a major value opportunity.”
Vectura also today said that it had received $4m under its licence agreement with Roxane Laboratories for VR506 – a generic, inhaled monotheraphy (corticosteroid) for asthma which also uses its dry powder inhaler and formulation technology.
A further $8m could be received if pre-determined development milestones are achieved. In addition, Vectura will receive a royalty from all sales of VR506 in the US.
Vectura shares rose by 4.83% in early trading on Friday to 186.7p – the highest since it listed on the London Stock Exchange in 2007. They were trading at 186p this afternoon having eased back slightly.
