Cambridge medical technology business Vectura Group plc has received a royalty and milestone payment bonus from the acquisition of Dutch firm ProFibrix B.V. by The Medicines Company, which is headquartered in New Jersey but has operations in the UK.
Vectura gets £3 million immediately but there is the prospect for ongoing milestone payments following the acquisition.
The deal had hinged on a satisfactory review of the Phase III clinical trial results of ProFibrix’s lead biologic, Fibrocaps™, a product being studied for treatment of bleeding during surgery and after trauma injury. It is based on Vectura’s technology.
In line with the agreement between Vectura and ProFibrix B.V., Vectura will receive a £2m change of control payment and will also earn a low single digit royalty for sale of Fibrocaps™ in the major territories.
As ProFibrix shareholder, Vectura will receive a $1.5m (just under £1m) milestone related to the successful outcome of the phase III study and will potentially receive further payments based on certain approval and sales milestones.
Dr Chris Blackwell, Vectura’s chief executive, said: “Fibrocaps has been developed using Vectura’s dry powder technology and formulation expertise, the patents for which were originally acquired as part of Vectura’s 2006 acquisition of Innovata plc.
“Fibrocaps’ clinical and regulatory progress to date reflects the value of Vectura’s extensive intellectual property portfolio and the latest announcement underlines our commitment to monetising that value.”
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