Inhaled drugs specialist Vectura Group has announced that Dr Chris Blackwell will step down as chief executive of the company.

Blackwell has been chief executive for 12 years, and led the company through an initial public offering in 2004.

Blackwell said he was “intensely proud” of what the firm had achieved under his leadership.

“I remain totally focused on the continued evolution of Vectura and I am confident that the business at shape, with the right senior management team to ensure that the company continues to thrive,” he said.