LONDON--Inhaler developer Vectura Group PLC (VEC.LN) on Wednesday said sales of products to treat bronchitis and emphysema have hit a level triggering a $5 million milestone payment from Novartis AG.

Vectura said Switzerland's Novartis had confirmed that combined net EU and rest-of-world sales of Seebri Breezhaler and Ultibro Breezhaler in the year to Dec. 31 had reached $512 million.

The milestone payment from Novartis will be recorded in the group's 2016 revenue.

At 0946 GMT, shares in Vectura were down 2.1 pence, or 1.5%, at 133.2 pence.

Write to Philip Waller at philip.waller@wsj.com

(END) Dow Jones Newswires

January 25, 2017 05:13 ET (10:13 GMT)

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