Vernalis achieves research milestones in Servier oncology collaborations

UK biopharmaceutical company Vernalis (LSE: VER) and Servier, France’s largest independent drugmaker, say that have achieved two milestones in their oncology drug discovery collaborations, triggering a payment of 750,000 euros ($1 million) to Vernalis.

Vernalis and Servier have been working in partnership since initiating their first collaboration in May 2007. The collaborations utilize Vernalis' proprietary fragment and structure-based drug discovery platform on a number of oncology targets, of which only Bcl-2 is disclosed. Under the collaborations Vernalis receives fees and a share in the future success of any products in the form of development milestones and royalties on sales. Financial terms are not disclosed.

Ian Garland, chief executive of Vernalis, said: "We are delighted to achieve these milestones, recognising our very successful partnership with Servier and we look forward to further success from this relationship."