Update: Voke nicotine inhaler gains first approval
Consort Medical has announced that the Voke Inhaler (DEV200) has received marketing authorisation from the MHRA. The approval clears the way for a launch, we expect in 2015, which will help drive our forecast of double-digit earnings growth over the medium term. Clearly the market dynamics are complex and the sales uptake will depend on the positioning BAT adopts, but even a modest success could result in a material uplift in our existing valuation range of 1,050p to 1,172p.Consort Medical is a contract development and manufacturing organization (CDMO), providing delivery technologies, formulation and manufacturing solutions for drugs. Co. has two operating divisions: Bespak, which is engaged in the development and manufacture of drug delivery devices, serving pharmaceutical companies with inhaler, auto-injector, nasal and ocular technologies and development and manufacturing services; and Aesica (Drugs), a pharmaceutical CDMO serving pharmaceutical companies with active pharmaceutical ingredient and finished dose formulation development and manufacturing services.
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