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Vectura Group PLC Establishes Strategic Partnership (Kinnovata) for New Respiratory Business in China


Monday, 13 May 2013 02:01am EDT 

Vectura Group PLC announces that it has established Tianjin Kinnovata Pharmaceutical Company Limited (Kinnovata) in China with two partners; Tianjin KingYork Group Company Limited and Zendex Bio Strategy Inc. Kinnovata will develop, manufacture and commercialise respiratory products for the rapidly growing domestic Chinese and other regional markets in Asia. This new Company will initially exploit Vectura's Clickhaler® and Duohaler® dry powder inhaler (DPI) technology platforms to address current unmet needs in the Asian asthma and chronic obstructive pulmonary disease (COPD) markets. Recent estimates suggest the overall incidence of asthma in China is approximately 2.0%i; a patient population of more than 25 million people. Kinnovata will be an independent company with its own development and manufacturing operations located in Tianjin. KingYork is expected to hold a 50% equity share; with Vectura holding 35% and Zendex and partners 15%. Vectura's holding is expected to have a nominal value of RMB 140 million (£14.6m) on close. Vectura will also receive royalties through to 2030 on certain products sold by Kinnovata. The equity stake and potential future royalty streams equate to the value attributed to the intangible and tangible assets relating to the Clickhaler® and Duohaler® devices. The assets include manufacturing equipment, formulation know-how and the regulatory dossiers for European approved products including salbutamol and budesonide delivered in Clickhaler.