PMI expands ‘Beyond Nicotine’ strategy with $1.2bn Vectura acquisition

Philip Morris International (PMI) is acquiring Vectura for £852 million ($1.2 billion) accelerating its ‘Beyond Nicotine’ strategy and expanding its product pipeline development capabilities in inhaled therapeutics.

“PMI’s Beyond Nicotine strategy, announced in February, articulates a clear ambition to leverage our expertise in inhalation and aerosolization into adjacent areas—including respiratory drug delivery and selfcare wellness—with a goal to reach at least USD 1 billion in net revenues by 2025,” said Jacek Olczak, PMI CEO.

“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.

“The market for inhaled therapeutics is large and growing rapidly, with significant potential for expansion into new application areas. PMI has the commitment to science and the financial resources to empower Vectura’s skilled teamto execute on an ambitious long-term vision.

“Together, PMI and Vectura can lead this global category, bringing benefits to patients, to consumers, to public health, and to society-at-large.”

Vectura is a provider of innovative inhaled drug delivery solutions that enable partners to bring their medicines to patients.

The company has thirteen key inhaled and eleven non inhaled products marketed by major global pharmaceutical partners, as well as a diverse portfolio of partnerships for drugs in clinical development.

In 2020, Vectura generated net revenues of GBP 191 million (approximately USD 245 million.

PMI believes that, together, the companies can create a fully-owned pipeline of products across a broad range of sectors in the prescription drug and over-the-counter (OTC) categories that will complement Vectura’s CDMO business and service to its existing client base.

PMI will fund the transaction with existing cash and expects it to close in the second half of 2021, subject to a shareholder vote and approval by the appropriate regulatory authorities.

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