Respiratory medicine has been a major success story for the UK pharmaceuticals sector. In this report we provide an update on the current market dynamics in asthma and COPD, and on four key product development companies in our small & midcap universe: Skyepharma, Synairgen, Vectura and Verona Pharma. The unmet need in respiratory disease remains high, and with significant market changes expected in 2016 and beyond we believe that the subsector offers rich investment opportunities across generics ....