Under the agreement, Valeo will be responsible for medical and commercial activities for Enerzair Breezhaler and Atectura Breezhaler for an initial eight years, positioning it as one of the leading Canadian respiratory companies.
Currently, nearly 4 million Canadians are living with asthma and there is an urgent need to add treatment options, noted Valeo.
"We are extremely pleased to be partnering with Novartis to launch these two asthma drugs in the coming weeks," said Steve Saviuk, CEO of Valeo.
"Commercializing Enerzair Breezhaler and Atectura Breezhaler will immediately position Valeo as one of the leading Canadian respiratory companies providing first in-class and best in-class asthma therapies. The Canadian asthma maintenance market exceeds $700M annually.
"This partnership is perfectly aligned with Valeo's vision and mission of building a Canadian anchor pharmaceutical company by driving therapeutic innovation to patients in need.
"We look forward to building a long and mutually beneficial relationship with Novartis that will help both companies fulfill their respective missions."
Frederic Fasano, Valeo's recently-appointed president and COO, noted that both therapies were "benefitting from an extensive phase III clinical trial program including more than 7,500 asthma patients".
"The efficacy of both treatments on symptoms, lung function and rate of exacerbations have been demonstrated and this will provide Canadian patients with a significant improvement over current standards of care," he said.
Shares of Valeo added over 15% to C$1.25 on the day.
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