Prominent US-based tobacco manufacturer Philip Morris International (PMI) said on Friday that it would purchase the UK pharmaceutical company Vectura Group for approximately 852 million pounds sterling (around $1.2 billion) to expand beyond the tobacco market
MOSCOW (Pakistan Point News / Sputnik - 09th July, 2021) Prominent US-based tobacco manufacturer Philip Morris International (PMI) said on Friday that it would purchase the UK pharmaceutical company Vectura Group for approximately 852 million Pounds sterling (around $1.2 billion) to expand beyond the tobacco market.
Under its Beyond Nicotine plan, unveiled in February, the firm aims to expand its activities by using its "expertise in inhalation and aerosolization" in adjacent areas to reach at least $1 million net revenue by 2025, PMI Chief Executive Officer, Jacek Olczak, said as quoted in a press release.
On July 1, PMI made a similar acquisition agreement with another drugmaker, Danish-based Fertin Pharma, for about $820 million and with the same ambition produce more non-smoking products.
"The acquisition of Vectura, following the recently announced agreement to acquire Fertin Pharma, will position us to accelerate this journey by expanding our capabilities in innovative inhaled and oral product formulations in order to deliver long-term growth and returns," Olczak was quoted as saying by the firm.
Under the purchase deal, Vectura shareholders will be paid 150 pence per share, while the transaction is expected to be finished in cash in the second half of this year, the PMI statement read.
