LONDON, UK: Philip Morris International (PMI) has increased offer values the entire issued and to be issued ordinary share capital of Vectura at approximately £1.02 billion, a news release said.
PMI’s business model and strategy is driven by a long term commitment to the transformation of its business and not a search for short term gains and efficiency.
Philip Morris International to acquire Vectura Group for £1.045 billion
Philip Morris International (PMI) proposed Acquisition of Vectura is part of its long-term strategy, as outlined in its 2020 integrated report.
As part of that vision, PMI will build on its leading scientific capabilities to develop products and services that go Beyond Nicotine. PMI aims to achieve at least $1 billion in annual net revenues from Beyond Nicotine sources in 2025.
Over the last decade PMI has invested over $8 billion in the research, development and commercialization of new smoke free products. Because of this, Philip Morris International (PMI) understands and is committed to invest the time and resources that it takes to allow for scientific innovation of better products.
PMI’s “Statement of Purpose” published in its 2020 proxy statement, built on its board’s 2017 letter to shareholders, reaffirming PMI’s commitment to fundamentally change its business.
Philip Morris International (PMI) intends to operate Vectura as an autonomous business unit that will form the backbone of PMI’s inhaled therapeutics business.
PMI intends to increase the total level of expenditure on research and development that it believes will further benefit Vectura’s differentiated technologies and development expertise for the delivery of complex inhaled therapeutics.
In line with the UK’s life sciences strategy and in keeping with the UK’s position as a major scientific innovator, beyond supporting Vectura’s growth, PMI believes these investments will support the scientific ecosystem in the UK for the longer term.
PMI believes that its significant expertise in scientific research, regulatory science, manufacturing, supply chain and commercialization globally (with operations in over 180 markets), will safeguard and enhance the development of Vectura and its capabilities in complex inhaled therapeutics.
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