Vectura cleared a major hurdle on the route to European approval for its NVA237 emphysema medicine, developed in partnership with Novartis, after the committee for medicinal products for human use (CHMP) gave the drug a positive opinion, bringing full authorisation in the European Union a step closer.
Analysts forecast that full marketing authorisation for NVA237 would come within three months, which would allow Novartis to begin marketing the product before the end of the year. Full approval in the first EU country to authorise the medicine will result in a milestone payment of approximately $10m (£6.5m) to Vectura, with royalties on sales estimated at 6.25 per cent. Broker Cannacord Genuity reckons that NVA237 could quickly match the $120m of annual sales that similar Novartis/Vectura product indacaterol has achieved since its launch in 2010.
