(Alliance News) - Vectura Group PLC on Wednesday confirmed its research & development investment priorities and proposed a GBP50 million capital return.
The pharmaceutical company said it will continue to focus on securing new partner contracts for the development of inhaled therapies, including novel molecules, following the successful build out of its generics portfolio.
Vectura intends to invest in new proprietary platform technologies to drive future licensing and royalty income, it said. In 2018, the company invested 55%, or GBP30 million, of its total research & development spend in platform technologies and existing partnered programmes.
In light of the company's reducing research & development risk profile, Vectura said its board has approved a capital return of GBP50 million, commencing later in 2019. The proposed return of capital is currently expected to be structured as a tender offer for company shares, although the company said it continues to review other options.
"Vectura has a rich heritage in developing innovative inhaled drug delivery solutions and we believe we provide a differentiated offering to partners," said Interim Chief Executive Paul Fry.
"Vectura made a positive start to trading during the first half of 2019, with flutiform product supply revenue making an important contribution to growth. We are pleased to be able to re-confirm our financial guidance and outlook expectations for 2019," added Fry.
Vectura will report its interim results on September 10.
The stock was trading 1.0% higher on Wednesday in London at 81.85 pence a share.
