Vernalis Earns Milestone Payment in connection with its 2008 sale of Apokyn and its US commercial operations
Vernalis plc (LSE: VER) today announces it will receive US$700,000 as further consideration for the sale to Ipsen of Apokyn and its US Commercial Operations announced in June 2008.
Under the terms of the sale, as well as an initial cash consideration of US$6.5 million and a US$5.0 million share subscription, Vernalis was also eligible to receive up to a further US$6.0 million based upon certain milestones being achieved.
To-date milestones of $1.7 million, including that announced today, have been earned. An additional US$2.5 million milestone can still be earned if Ipsen’s future US net sales of Apokyn and Dysport exceed a certain threshold.
“The sale of Apokyn and the US Commercial Operations was a key component of the Company’s 2008 restructuring. We are pleased to have earned a further milestone from that sale.” said Ian Garland, CEO of Vernalis.
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|Ian Garland, Chief Executive Officer||+44 (0) 118 989 9360|
|David Mackney, Chief Financial Officer|
|Jon Coles||+44 (0) 20 7404 5959|
Notes to Editors
Vernalis is a development stage pharmaceutical company with significant expertise both in de novo fragment and structure-based drug discovery and pre-clinical and clinical development. The Group has seven product candidates in clinical development (three of which are partnered), two programmes in pre-clinical, as well as other competitive research programmes. Our technologies, capabilities and products are endorsed by collaborations with leading, global pharmaceutical companies including GSK, Biogen Idec, Novartis, Servier, Chiesi, Menarini, and Endo.
|Product||Indication||Pre-Clinical||Phase I||Phase II||Phase III||Marketing Rights|
|V2006||Parkinson’s Disease||X||Biogen Idec|
|V3381 CC||Chronic Cough||X||Worldwide|
|Progress through partnering|
|V1512||Parkinson’s Disease||X||Worldwide (excl. Italy)|
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 Frova® 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.