By Anthony O. Goriainoff
Philip Morris International Inc. said Friday that its subsidiary PMI Global Services Inc. plans to bid for Vectura Group PLC in a deal valued at 1.05 billion pounds ($1.45 billion) in cash.
The tobacco company said that Vectura’s directors have withdrawn their recommendation of an offer from Carlyle Europe Partners V and that Vectura–which will operate as an autonomous business unit–will become the backbone of the company’s inhaled therapeutic business.
The company said that the conditional acquisition will see Vectura shareholders get 150 pence a share and that this represented a 10% premium to the terms of the Carlyle offer.
The acquisition is part of Philip Morris’s expansion into products beyond tobacco and nicotine, it said.
“We see Vectura’s combination of device, formulation and development capabilities for inhaled therapeutics as highly complementary to our existing expertise, pipeline and experience in aerosolization,” Chief Executive Jacek Olczak said.
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