Verona Pharma plc, a clinical-stage biopharmaceutical company, announces its development partner, Nuance Pharma, has received clearance from the Center of Drug Evaluation (CDE) for its Investigational New Drug (IND) application to conduct both phase 1 and phase 3 studies with ensifentrine for the maintenance treatment of chronic obstructive pulmonary disease (COPD) in mainland China. In 2021, Nuance Pharma entered into an agreement with Verona Pharma with a potential value of up to $219 million, granting Nuance Pharma exclusive rights to develop and commercialize ensifentrine in Greater China (mainland China, Hong Kong, Macau and Taiwan). In return, Verona Pharma received an upfront payment of $25 million in cash and an equity interest valued at $15 million in Nuance Biotech, the parent company of Nuance Pharma. In addition, Verona Pharma is eligible to receive future milestone payments as well as double-digit royalties as a percentage of net sales in Greater China.
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