Vernalis plc and H.Lundbeck A/S Achieve Third Research Milestone
Vernalis plc today announces it has achieved a third milestone in its drug discovery collaboration with H.Lundbeck A/S (Lundbeck). Vernalis will receive a payment of £0.75m from Lundbeck in recognition of this achievement.
This collaboration began in December 2010 and utilises Vernalis' fragment and structure-based drug discovery platform. Under the terms of the agreement Vernalis will receive fees and a potential share in the future success of the product in the form of milestones and royalties on sales. The financial terms of this collaboration are not disclosed.
Ian Garland, CEO of Vernalis commented: "Achieving this milestone validates the strength of our fragment and structure-based drug discovery platforms and our collaborative relationship with Lundbeck".
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Ian Garland, Chief Executive Officer
+44 (0) 118 938 0015
David Mackney, Chief Financial Officer
Nomura Code Securities Limited:
+44 (0) 20 7776 1200
+44 (0) 20 7404 5959
Notes to Editors
Vernalis is a revenue generating development stage pharmaceutical company with significant expertise in drug development. The Group has one marketed product, frovatriptan for the acute treatment of migraine, an exclusive licensing agreement to develop and commercialise multiple novel products focussed on the US prescription cough/cold market as well as seven programmes in its NCE development pipeline. Vernalis has significant expertise in fragment and structure based drug discovery which it leverages to enter into collaborations with larger pharmaceutical companies. The Company's technologies, capabilities and products are endorsed by collaborations with Endo, Genentech, Lundbeck, Menarini, Novartis, Servier and Tris.
For further information about Vernalis, please visit www.vernalis.com
Vernalis Forward-Looking Statement
This news release may contain forward-looking statements that reflect the Company's current expectations regarding future events including the clinical development and regulatory clearance of the Company's products, the Company's ability to find partners for the development and commercialisation of its products, as well as the Company's future capital raising activities. Forward-looking statements involve risks and uncertainties. Actual events could differ materially from those projected herein and depend on a number of factors including the success of the Company's research strategies, the applicability of the discoveries made therein, the successful and timely completion of clinical studies, the uncertainties related to the regulatory process, the ability of the Company to identify and agree beneficial terms with suitable partners for the commercialisation and/or development of its products, as well as the achievement of expected synergies from such transactions, the acceptance of frovatriptan and other products by consumers and medical professionals, the successful integration of completed mergers and acquisitions and achievement of expected synergies from such transactions, and the ability of the Company to identify and consummate suitable strategic and business combination transactions.