Consort Medical Says BAT Unit Terminates Voke Supply Deals
January 03 2017 - 3:03AM
Dow Jones News
By Philip Waller
LONDON--Drug delivery device maker Consort Medical PLC (CSRT.LN)
Tuesday said a British American Tobacco (BTI) unit is terminating
supply deals for the Voke nicotine inhaler as the product failed to
commercially launch in 2016.
The companies, however, remain in talks about the future of the
Voke program.
Consort said Nicovations Ltd. has served termination notices for
all supply agreements with Bespak Europe Ltd., a Consort Medical
subsidiary, for Voke, effective immediately.
Voke designer Kind Consumer licensed distribution rights to the
product to Nicovations, which in 2011 entered into separate supply
agreements with Bespak under which the latter would make and supply
filled Voke devices and associated valves.
Voke is one of 16 programs being pursued by Bespak and Consort
Medical said it doesn't believe the termination materially impacts
its expectations for group underlying trading in this financial
year to Apr. 30.
Consort's Chief Executive Jonathan Glenn said: "While we are
naturally disappointed in the loss of the supply agreements for
Voke to Nicovations, we continue our dialogue with Kind Consumer
and with Nicovations on the future of the program and we remain
highly confident in the robustness of the remainder of our business
and our prospects."
-- Write to Philip Waller at philip.waller@wsj.com
(END) Dow Jones Newswires
January 03, 2017 03:48 ET (08:48 GMT)
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