7 January 2013 -- Vernalis plc and Servier today announce the achievement of an additional milestone from their third oncology drug discovery collaboration. Vernalis will receive a payment of €0.75m in recognition of this achievement.
This three year collaboration was initiated in January 2012 and utilises Vernalis’ proprietary fragment and structure-based drug discovery platform. Vernalis receives fees and a share in the future success of the product in the form of milestones and royalties on sales. Financial terms are not disclosed.
Ian Garland, CEO of Vernalis commented: “We are delighted by the continuing success of our multiple collaborations with Servier and look forward to further success from this relationship.”
Servier’s head of research, Bernard Marchand, said: “This new step acknowledges the pertinence of our partnership with Vernalis for accelerating drug discoveries in cancer.”
Ian Garland, Chief Executive Officer +44 (0) 118 938 0015
David Mackney, Chief Financial Officer
Nomura Code Securities Limited: +44 (0) 20 7776 1200
Brunswick Group: +44 (0) 20 7404 5959
Servier is the leading independent French pharmaceutical company, established in 1954 by its founder, Jacques Servier, M.D., Pharm.D. The group is established in 140 countries and 90% of Servier products are prescribed out of France. Sales turnover in 2011 rose to 3.9 billion euros. Almost 25% of Servier's turnover is invested in Research and Development. The Servier Group counts 19 International Centers of Therapeutic Research, and its principal therapeutic research orientations are cardiovascular diseases, diabetes, neuropsychiatric disorders, cancer, and osteoarticular diseases.
More information is available at: www.servier.com.
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.