Vernalis and Tris Pharma have announced collaboration to develop and commercialize novel products for the US prescription cough/cold market
Vernalis plc, a UK development stage pharmaceutical company listed on the London Stock Exchange and Tris Pharma Inc a privately held US specialty pharmaceutical company based in Monmouth Junction, New Jersey, today announce an exclusive licensing agreement to develop and commercialize multiple novel products focused on the US prescription cough/cold market.
Under the terms of the agreement Tris, using its proprietary technology, will develop, on behalf of Vernalis, up to six New Drug Applications (NDAs). Tris will undertake and fund the development work and Vernalis will pay development milestones to Tris on each product as they successfully progress through clinical development. Vernalis will acquire and then commercialize these products on approval in the US and pay a sales-based royalty to Tris.
Ian Garland, CEO of Vernalis commented "I am exceptionally pleased to be able to announce this collaboration with Tris today. This transaction is fundamental in transitioning Vernalis into a diversified and self-sustaining pharmaceutical company. The US cough/cold prescription market is a market that we know extremely well and Tris is a uniquely positioned development partner, with proven capabilities validated by multiple NDA approvals."
Ketan Mehta, CEO of Tris added "The US cough and cold market has been ripe for innovation and when you consider that market research shows most adults prefer long lasting relief in the form of a liquid, rather than solid dose, our technology is well positioned to address this market. We are delighted to partner with Vernalis as they have shown unique understanding of this space in the marketplace."