21 September 2011
Vernalis plc, today announces it has achieved a research milestone in its drug discovery collaboration with H.Lundbeck A/S (Lundbeck). As a result, Vernalis will receive a payment of £0.3m from Lundbeck in recognition of this achievement.
Under the terms of the collaboration which utilises Vernalis’ fragment and structure-based drug discovery platform against LRRK2, a kinase target, Vernalis will receive fees and a potential share in the downstream 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 further validates the strength of our fragment and structure-based drug discovery platforms. We look forward to continued success in our collaboration with Lundbeck”.
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Ian Garland, Chief Executive Officer
+44 (0) 118 989 9360
David Mackney, Chief Financial Officer
+44 (0) 20 7404 5959
+44 (0) 20 7614 2900
Notes to Editors
Vernalis is a revenue generating development stage pharmaceutical company with significant expertise in taking promising product candidates along a commercially-focused path to market. The Group has one marketed product, frovatriptan for the acute treatment of migraine, and eight candidates in development, seven of which are designated priority programmes. Four of these priority development programmes are currently unpartnered and three are partnered. Pipeline programmes are derived from both our own research activities where we have significant expertise in fragment and structure based drug discovery, as well as from collaborations. Our technologies, capabilities and products are endorsed by collaborations with Endo, GSK, Lundbeck, Menarini, Novartis and Servier.
Menarini & Endo Pharma
Other Therapeutic Areas
Asthma/ Allergic Rhinitis
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.