Philip Morris International (PMI) has agreed to acquire UK-based inhaled drug delivery solutions provider Vectura Group for an enterprise value of £852m.
Under the deal, Vectura shareholders will secure 150p per share, a 46% premium to the ex-dividend closing price per Vectura share of 103p on 25 May 2021.
Vectura offers a range of delivery technologies, including unit-dose and multi-unit dose delivery platforms. It also provides proprietary and off-the-shelf device options.
Vectura’s product portfolio consists of 13 key inhaled and 11 non inhaled products marketed by global pharmaceutical partners.
The acquisition of Vectura will allow PMI to access differentiated technology and pharmaceutical development expertise to offer a range of complex inhaled therapies.
It will also help add inhalable formulation and device design development and analysis, drug/device combination, and pharmaceutical management processes and systems.
Vectura’s management team, including over 200 scientists in formulation, devices, inhalation, regulatory teams and clinical manufacturing, will join PMI.
The company reported net revenues of £191m for the last year.
PMI CEO Jacek Olcza said: “PMI’s Beyond Nicotine strategy, announced in February, articulates a clear ambition to leverage our expertise in inhalation and aerosolisation into adjacent areas – including respiratory drug delivery and self-care wellness – with a goal to reach at least USD 1 billion in net revenues by 2025.
“The acquisition of Vectura, following the recently announced agreement to acquire Fertin Pharma, will position us to accelerate this journey by expanding our capabilities in innovative inhaled and oral product formulations in order to deliver long-term growth and returns.”
Subject to a shareholder vote and approval by the appropriate regulatory authorities, the deal is expected to be completed in the second half of this year.
