Drugs developer takes £40m hit

Vectura said that it will no longer develop its treatment for adults and adolescents with severe uncontrolled asthma after the drug failed to meet its primary goal.

The pharmaceutical firm said a phase III study of its VR475 product did not reach “statistical significance” when compared with a placebo.

Vectura will now take a £40 million pre-tax hit in its 2018 results as a result of the failure.