Mubasher: Philip Morris International (PMI), the maker of Marlboro cigarettes, has purchased 22.61% of the UK-based inhaled therapeutics company Vectura, CNBC reported.
Philip Morris plans to make further market purchases of Vectura at 165 pence ($2.27) per share.
On Monday, 17 August, the company announced that it had entered a tender period with Vectura's shareholders following a unanimous recommendation by the respiratory drug developer's board.
PMI’s acquisition of Vectura is part of its long-term strategy, as per its 2020 Integrated Report, under which the company will depend on its scientific capabilities to develop products and services that go beyond nicotine.
Hence, the company seeks to generate at least $1 billion in annual net revenues from beyond nicotine sources in 2025.
Since 2008, PMI has invested $8.1 billion in the research, development, and commercialisation of new smoke-free products.
PMI’s CEO, Jacek Olczak, said: "PMI’s acquisition of Vectura is part of our long-term strategy to transform PMI by investing in scientific excellence and leveraging its capabilities and expertise. Our investment will accelerate the development and delivery of inhaled therapeutics to address many of today’s unmet medical needs."