In a welcome act of consolidation in the UK biotech industry, Vectura has agreed to acquire its peer SkyePharma in an all-stock deal that values the drug delivery company at £441.3 M (US$628 M). The deal will create a specialist in inhalation devices with a combined market capitalisation of approximately £1 B and pro forma annual revenues of £153.9 M. The deal will strengthen Vectura’s competitive position in the US$35 B global inhaled respiratory market with the addition of SkyePharma’s pressurised metered dose inhaler technology.