Britain’s Vectura Group Plc will stop developing its treatment for severe uncontrolled asthma after a trial showed it failed to reduce the number of asthma attacks in patients to a level that was significantly different from those treated with a placebo.

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The announcement is the latest setback for the loss-making drugmaker, which has faced a rocky two years since its $620 million acquisition of rival SkyePharma, which led to lower royalties and higher costs than expected.

“We expect today’s news … will inevitably lead to further questions regarding Vectura’s ability to deliver value and positive returns from its R&D investments, as well as the outlook for longer term growth,” analysts at Peel Hunt said.