Good news for shareholders in Allergy Therapeutics (AGY) as the immunology business revealed that earnings for FY2019 will come in ahead of market expectations on the back of solid sales growth, particularly in Spain, the Netherlands and Switzerland, together with an intensified focus on cost efficiencies and a lower R&D bill.
The group also confirmed that it will benefit from a $7.6m (£5.99m) legal settlement from Inflamax Research Inc. This relates to proceedings covering the inconclusive Phase II Grass MATA MPL trial which took place in the US through 2015-16. Allergy's contention was that the firm had carried out “inadequate procedures” during the trial of a grass pollen vaccine, with the knock-on effect that the treatment was delayed through the mid-stage mark. Inflamax has also agreed to pay a substantial part of the Allergy 's legal costs.
