Consort Medical signs agreement with AstraZeneca

AstraZeneca and Bespak have agreed to enter into a multi-year agreement for the scale-up and supply of Bespak’s proprietary pressurized metered dose inhaler (pMDI) valves and actuators.

These inhalers are used for the long-term maintenance treatment of patients suffering from chronic obstructive pulmonary disease (COPD), chronic bronchitis and emphysema.

Chief executive Jon Glenn said: "We are delighted to have successfully concluded this agreement with AstraZeneca. This further reinforces the ongoing strength of our respiratory device franchise in the pMDI segment."

The group continues to trade in line with the board’s expectations of the current financial year on a constant currency basis, the company said in a statement.

Regarding the impact from Brexit, the firm said it does not expect any ‘fundamental’ changes on the group’s businesses. According to the board Bespak and Aesica have “a strong pedigree of providing excellent services to their international customer base and will continue to do so as the UK prepares to exit the EU, and thereafter”.

Consort had benefitted from the depreciation of sterling as its foreign exchange exposure is mainly in Euro. Transactional foreign exchange effects are also expected to be limited in the current year due to the firm’s protective forward currency hedging contract.

Shares rose 1.29% to 1051.36p at 1008 BST on Wednesday.