PMI’s Vectura Offer Becomes Unconditional

PMI Global Services’ offer for inhaled drug delivery solutions provider Vectura Group has become unconditional, having received valid acceptances for or acquired 74.77 percent of Vectura shares, in excess of the 50 percent required under the acceptance condition, as well as confirming that all other conditions to the offer have been satisfied or waived. PMI has extended the offer to allow for the tender of further shares.

“We have reached an important milestone in our acquisition of Vectura and are pleased to have secured over 74 percent of the company’s shares, in excess of the 50 percent required to make our offer unconditional and PMI the majority shareholder,” said PMI CEO Jacek Olczak in a statement.

“We are very excited about the critical role Vectura will play in our ‘beyond nicotine’ strategy and look forward to working with Vectura’s scientists and providing them with the resources and expertise to grow their business to help us achieve our goal of generating at least $1 billion in net revenues from Beyond Nicotine products by 2025.”

PMI’s proposed acquisition of Vectura is part of its long-term strategy to move beyond nicotine and will provide support for Vectura’s continued growth. The tobacco firm intends to build on Vectura’s scientific capabilities to develop products and services that go beyond nicotine. PMI aims to achieve at least $1 billion in annual net revenues from non-nicotine sources by 2025.

PMI’s acquisition follows a bidding war with the private equity firm Carlyle.

PMI’s bid unleashed a storm of criticism from public health advocates who dislike the idea of a tobacco company investing in the lung health business.