Share Name Share Symbol Market Type Share ISIN Share Description
Vectura Group Plc LSE:VEC London Ordinary Share GB00B01D1K48 ORD 0.025P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.85p +1.00% 85.50p 85.05p 85.20p 86.00p 84.15p 84.15p 3,476,219 16:35:09
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Pharmaceuticals & Biotechnology 160.5 -104.8 -13.2 - 570

Vectura Group plc Vectura provides update on GSK Litigation

13/09/2019 10:12am

UK Regulatory (RNS & others)


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Vectura Group plc

13 September 2019

Vectura provides update on GSK Litigation

Chippenham, UK - 13 September 2019: Vectura Group plc (LSE: VEC) ("Vectura" or "the Group") announces that following the award of US$89.7m in damages to Vectura by a jury in the US District Court for the District of Delaware on 3 May 2019, presiding US District Judge Richard Andrews has ruled on the parties' post-trial motions:

   --     Award of US$89.7m in damages to Vectura on May 3, 2019 upheld 
   --     Ongoing royalties of 3% on US sales of certain infringing GSK Ellipta products 
   --     Supplemental damages based on GSK's infringing sales of approximately US$10.5m 
   --     Pre-judgment interest at the prime rate of approximately US$6.7m 

Paul Fry, Vectura's Chief Financial Officer and Interim Chief Executive Officer of Vectura, said: "The judge's post-motions ruling further validates Vectura's original decision to pursue this action with GSK. We will always take action to protect and defend our intellectual property and we will provide further updates on this matter in due course."

About the ruling:

The US$89.7m jury award to Vectura was based on a 3% royalty rate applied to US sales of GSK's infringing products from August 1, 2016 to December 31, 2018. Judge Andrews granted Vectura's motion for supplemental damages based on GSK's infringing sales from January 1, 2019 to May 16, 2019 at a 3% royalty rate, which results in approximately US$10.5m in additional damages payable to Vectura.

Judge Andrews granted Vectura's motion for an ongoing royalty rate of 3% on U.S. sales of GSK's infringing products from May 17, 2019 to expiration of Vectura's patent in mid-2021.

Judge Andrews granted Vectura's motion for pre-judgment interest at the prime rate, compounded quarterly, which results in approximately US$6.7m due to Vectura.

Judge Andrews granted Vectura's motion for post-judgment interest at the Treasury bill rate, compounded annually. This interest will accrue on the damages awarded by the jury, supplemental damages and prejudgment interest, and will accrue going forward until Vectura is compensated by GSK.

Judge Andrews denied the following motions: GSK's motion for judgment of non-infringement, GSK's motion for judgment of obviousness, GSK's motion for a finding of no wilful infringement, GSK's motion for a new trial, GSK's motion for a reduction in the amount of damages awarded by the jury, Vectura's motion for enhanced damages, and Vectura's motion for attorney's fees.

The parties have the right to appeal these decisions.

- Ends-

For more information, please contact:

Vectura Group plc

   David Ginivan - VP Corporate Communications                 +44 (0)7471 352 720 
   Elizabeth Knowles - VP Investor Relations                          +44 (0)7767 160 565 
   Consilium Strategic Communications                                 +44 (0)20 3709 5700 

Mary-Jane Elliott / Sue Stuart / David Daley

Notes

About GSK Litigation

On 7th May 2019, Vectura announced that following a jury trial in the United States District Court for the District of Delaware, the relevant asserted claim of its US patent was found valid and infringed by US sales of three of GlaxoSmithKline's (GSK) Ellipta products. The jury awarded Vectura $89.7m in damages for the period from August 2016 through December 2018, based on a calculation of 3% of US sales of these products. The jury also found that GSK's infringement was wilful and, in addition to filing a claim for damages for the period from January 2019 to expiry of the patent in June 2021, Vectura has therefore applied for further damages for wilful infringement.

About Vectura

Vectura is a provider of innovative inhaled drug delivery solutions that enable partners to bring their medicines to patients. With differentiated proprietary technology and pharmaceutical development expertise, Vectura is one of the few companies globally with the device, formulation and development capabilities to deliver a broad range of complex inhaled therapies.

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, GSK, Bayer, Chiesi, Almirall, and Tianjin KingYork.

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 rns@lseg.com or visit www.rns.com.

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September 13, 2019 05:12 ET (09:12 GMT)

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