Meridica, the Cambridge, UK-based drug delivery company formed two years ago as a spin-out company from PA Consulting Group, today announced that it has signed an agreement with Pfizer.
Pfizer has licensed Meridica’s new dry powder inhaler (DPI), Xcelovair™, to support the development and commercialization of its inhaled compounds for the treatment of respiratory diseases. Under the terms of the license, Pfizer is making an upfront payment, followed by further milestone and royalty payments, to Meridica. Concurrently, Pfizer is also taking an equity stake in Meridica.
Xcelovair™ is an innovative inhaler device in development that will be able to accommodate a wide range of drug molecules and dry powder formulations suitable for pulmonary delivery in both adults and children. The device is designed to deliver up to 60 individual pre-metered doses of a drug and provides advanced moisture protection for the drug product. As such, it represents a step forward in dry powder inhaler technology.
Meridica’s Chief Executive Officer, Dr Ian J Smith, remarked: “We are delighted to announce this important licensing and equity deal with Pfizer. We see this as a tremendous endorsement of both Meridica’s Xcelovair™ technology and its committed and innovative staff. Completing the development of a dry powder inhaler in a little over two years and licensing it to the world’s number one pharmaceutical company is absolutely unprecedented in this industry. Through this partnership, we hope that Xcelovair™ will ultimately be used by millions of patients with respiratory disease. We look forward to working with Pfizer to commercialise Xcelovair™ in this immensely important and growing area of drug delivery.”
