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Philip Morris Closes In On Vectura As £1.1bn Offer Passes Threshold

Takeover Steeped In Controversy, With Objections Raised By Healthcare Charities

 
• By Dean Rudge

Philip Morris once again pledged to up R&D in Vectura after its £1.1bn takeover offer for the UK-based inhalation specialist became unconditional, following the tobacco giant’s acrimonious face-off with private equity Carlyle earlier this year.

Philip Morris Logo Magnifying Glass
The £1.1bn transaction value is 15x EBITDA • Source: Alamy

Tobacco giant Philip Morris International is to move ahead with its controversial acquisition of the UK-based Vectura Group, after obtaining support for roughly three-quarters of the inhaler manufacturer’s shares, a move that renders unconditional its £1.1bn ($1.5bn) cash takeover offer.

Last month, in the topsy-turvy battle for control of Vectura, the inhalation specialist’s board of directors announced its intent to unanimously recommend Philip Morris’ £1

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