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Vectura to pay special dividend following patent case win
StockMarketWire.com
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Inhaled respiratory treatment group Vectura said it would pay a special dividend worth around £113 million following victory in a patent litigation involving GlaxoSmith Kline.
Payment of the special dividend of 19p per share was expected on 11 June and would be followed by a share consolidation.
Vectura said the move came after GlaxoSmithKline decided not to petition the Supreme Court in relation to the US litigation, which concerned Ellipta products.
'This was the final route of appeal available to GSK in this case, and the litigation is now considered to be fully resolved,' the company said.
Vectura said that it had received £127.6 million from GlaxoSmithKline to date in respect of the litigation, which comprised payment for the settlement of damages, associated interest and royalties.
'The board has determined that the Group is in a strong position to execute on its growth plans without the need to utilise these proceeds,' it added.
Story provided by StockMarketWire.com
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