Investment summary

Positive top line results from the first four trials in the IGNITE Phase III programme for QVA149, and clarity on US regulatory filing timelines for NVA237 and QVA149 drove a c 30% rise in Vectura’s share price over April. The Phase III data will support Europe and Japan QVA149 filings expected in Q412; while agreement between partner Novartis and the FDA on NVA237/QVA149 trial protocols means new Phase III trials will start in the near future, permitting US filings in 2014. These critical disclosures coupled with better than expected FY12 financial performance put Vectura in a strong position ahead of further transformative news flow.

Last updated on 09/05/2012

Industry outlook

Vectura offers exposure to potential generic ICS/LABA asthma combinations (despite US regulatory complexity) and a novel LAMA (NVA237) and LABA/LAMA combination (QVA149), which could become first-in-class therapies, at least ex-US, in the blockbuster COPD market.

Last updated on 23/04/2012