PMI Enters Tender Period with Vectura

Philip Morris International has published an offer document with U.K.-based Vectura Group in connection with the recommended cash offer to acquire the inhaled therapeutics company. Under the terms of the acquisition, Vectura shareholders would be entitled to receive 165 pence per share, a 60 percent premium to the ex-dividend closing price of 103 pence per Vectura share on May 25, 2021.

“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,” said PMI CEO Jacek Olczak. “Our investment will accelerate the development and delivery of inhaled therapeutics to address many of today’s unmet medical needs. We look forward to working with Vectura’s great people as we embark on the next stage of our transformation.”

In a press note published on its website, PMI also detailed the ways in which it would support Vectura’s growth. Among other things, the cigarette manufacturer intends to build on the company’s leading scientific capabilities to develop products and services that go beyond nicotine.