Philip Morris International, agreement signed to acquire Vectura Group

Philip Morris International today announced that it has signed an agreement with the board of Vectura Group Plc (Vectura) on the economic terms of an offer to acquire Vectura for a company value of 852 million pounds (approximately 1.2 billion US dollars). ). Under the terms of the acquisition, Vectura shareholders would be eligible to receive 150p per share, up 46% from Vectura’s pre-dividend price of 103p on May 25, 2021. Vectura is a solutions provider innovative drugs for inhaled drug delivery that allow partners to offer their drugs to patients. Thanks to the acquisition of Vectura, Philip Morris International will be able to: access advanced pharmaceutical expertise to provide a wide range of complex inhalation therapies; implement in its organization human capital, technologies, high quality infrastructures and a deep know-how in the development and analysis of inhalation systems and device design, in the drug / device combination and in the management of pharmaceutical processes and systems. This combination will enhance Philip Morris International’s existing expertise in the life sciences, product innovation and clinical fields. In addition, include an experienced management team, supported by more than 200 specialist scientists, who will support SMEs in the development process of its healthcare and wellness businesses. Furthermore, thanks also to the announced agreement for the acquisition of Fertin Pharma, Philip Morris International will have a complete portfolio in terms of development possibilities – covering innovative formulations of inhalation and oral products – to satisfy business ambitions ” Beyond Nicotine “, in line with the key sustainability priorities. Pmi believes that, together, companies will be able to create a wholly owned chain for the creation of a broad portfolio of products in different sectors, in the categories of prescription and over-the-counter (OTC) drugs that will complement Vectura’s CDMO business and existing customer service. PMI also believes that its “Beyond Nicotine” aerosolization technologies and development pipeline will provide further predictability, stability and safety for Vectura’s future. In February of this year, Philip Morris International announced the goal of generating more than 50% of total net revenues from smokeless products by 2025. SMEs also announced the goal of generating at least $ 1 billion in net revenues from “Beyond Nicotine” products by 2025. “Pmi’s Beyond Nicotine strategy, announced in February, expresses the clear ambition to enhance our experience in inhalation and aerosolization also in different fields, including the administration of respiratory drugs and self-care wellness, with the goal of achieving at least $ 1 billion in net revenues by 2025, “said Jacek Olczak, Chief Executive Officer. “The acquisition of Vectura, following the recently announced agreement for the acquisition of Fertin Pharma, – continues Olczak – will allow us to accelerate this path, expanding our capabilities in innovative formulations of inhaled and oral products, in order to to ensure long-term growth and economic returns “.” The market for inhaled therapies is large and rapidly growing – explains the CEO -, with significant potential for expansion into new areas of application. Pmi has a strong experience in field of science and the financial resources needed to enable Vectura’s experienced team to deliver an ambitious long-term strategy. Together, SMEs and Vectura can lead this global category, benefiting patients, consumers, public health and all company “. SME considers the presence and continuity of Vectura’s management team as a crucial part of the company’s value and ambitions. iose strategic long-term objectives of SMEs. The company will fund the transaction with existing cash and plans to close that transaction in the second half of 2021, subject to shareholder voting and approval by relevant regulators. PMI expects the impact of the acquisition on its adjusted diluted EPS for the full year of 2021 to be negligible.