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Philip Morris International makes £1bn offer for UK pharma firm Vectura

Tobacco giant strikes deal for British firm developing pioneering inhaled treatment for Covid-19

Philip Morris International, the tobacco company and maker of Marlboro cigarettes, has struck a £1bn deal to buy Vectura, the British pharmaceutical company developing a pioneering inhaled treatment for Covid-19.

The £1.04bn offer by Philip Morris International (PMI), which is investing billions to move away from its core tobacco business, trumps the £958m tabled by the private equity group Carlyle in May. Vectura’s board had recommended that shareholders accept Carlyle’s offer but withdrew support for that bid after receiving the higher offer from PMI.

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Read the original article at The Guardian

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