Vectura Group plc Announcement of Leadership Changes (6021B)

TIDMVEC

RNS Number : 6021B

Vectura Group plc

10 June 2019

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

VECTURA GROUP PLC ANNOUNCES LEADERSHIP CHANGES

Chippenham, UK - 10 June 2019: Vectura Group plc (LSE: VEC "Vectura" or "the Group") today announces that James Ward-Lilley will be stepping down from the Board and his position as Chief Executive Officer ("CEO") on 30(th) June 2019. Paul Fry, Chief Financial Officer, will assume the role of CEO in an interim capacity, in addition to his current responsibilities. A search for a CEO successor will begin immediately.

James was brought in at a critical time for Vectura and has been instrumental in executing and successfully integrating the merger with Skyepharma, creating an industry-leading inhaled airways disease-focused business, with a broad range of device and formulation capabilities, underpinned by strong intellectual property. Looking forward, Vectura's core focus will increasingly be on leveraging these capabilities to develop new partnerships and revenue streams as a leading provider of enhanced inhaled drug delivery services.

Bruno Angelici, Chairman of the Board, said: "I would like to express my sincere thanks to James for his distinguished leadership of the Group. Following the successful merger with Skyepharma in 2016, James has demonstrated great resilience building an effective and robust business. This has been reflected in strong 2018 financial and operational performance, followed by positive news flow this year. During his time he has also built a culture of effective employee engagement and a significantly strengthened and talented team. The Board and James have agreed that after four years as CEO it is now time for a new leader to take Vectura through its next phase of development. We look forward, in due course, to announcing the appointment of a new CEO."

James Ward-Lilley said: "The strong results delivered in 2018 and the positive start made to 2019 underline today's Vectura as a growing, cash generative business with a strong balance sheet and positive pipeline momentum. I am proud to have led the business over the past four years as CEO particularly through the transformational integration with Skyepharma. I will leave Vectura in a strong operational and financial position with a robust leadership team as the Group enters the next phase of its evolution. I would like to thank Vectura's industry-leading employees who have made the Group what it is today. It has been a privilege to work with them."

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For more information, please contact:

 
Vectura Group plc 
David Ginivan - VP Corporate Communications      [phone] 
 Elizabeth Knowles - VP Investor Relations        [phone] 
 Consilium Strategic Communications               [phone] 
Mary-Jane Elliott / Susan Stuart / David Daley   [phone] 
 

Forward-looking statements

This press release contains forward-looking statements, including statements about the discovery, development and commercialisation of products. Various risks may cause Vectura's actual results to differ materially from those expressed or implied by the forward-looking statements, including: adverse results in clinical development programmes; failure to obtain patent protection for inventions; commercial limitations imposed by patents owned or controlled by third parties; dependence upon strategic alliance partners to develop and commercialise products and services; difficulties or delays in obtaining regulatory approvals to market products and services resulting from development efforts; the requirement for substantial funding to conduct research and development and to expand commercialisation activities; and product initiatives by competitors. As a result of these factors, prospective investors are cautioned not to rely on any forward-looking statements. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About Vectura

Vectura is an industry-leading inhaled product formulation, device design and development business offering a uniquely integrated inhaled drug delivery platform. We develop inhalation products to help patients suffering from airways diseases.

Vectura has ten key inhaled and eleven non-inhaled products marketed by partners with global royalty streams, and a diverse partnered portfolio of drugs in clinical development. Our partners include Hikma, Novartis, Sandoz (a division of Novartis AG), Mundipharma, Kyorin, Baxter, GSK, UCB, Bayer, Chiesi, Almirall, Dynavax and Tianjin KingYork.

Vectura's strategy is to fully leverage its differentiated technology and skills, maximising value by enhancing the delivery and performance of inhaled products, and through the development of high-quality generic alternatives to branded therapies.

For further information, please visit Vectura's website at www.vectura.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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June 10, 2019 02:00 ET (06:00 GMT)