GlaxoSmithKline is paying UK-based Vectura group $31.8 million dollars to license Vectura's dry powder drug formulation patents in relation to two late stage development compounds in GSK's respiratory drug pipeline. The drugmaker gets will receive up to £20 million ($31.8 million) in up-front and milestone payments, and Vectura could also earn up to £13 million in royalties on products resulting from use of its patents.
According to Dow Jones the patents are for GSK642444 and GSK573719, two late-stage drugs that are part of GSK's program to replace Advair when it goes off-patent. "GSK is one of the world's leading developers of innovative respiratory medicines and I believe this deal reflects the importance of Vectura's respiratory technology IP," noted Vectura CEO Chris Blackwell in a statement. "The non-exclusive nature of this agreement also allows us to continue our efforts to deliver further value for shareholders from our inhaled therapy technologies in the future"
- check out Vectura's release
- here's the Dow Jones report for more