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Philip Morris To Buy UK Drug Company Vectura For $1.2B As Part Of 'Beyond Nicotine' Push

Philip Morris To Buy UK Drug Company Vectura For $1.2B As Part Of 'Beyond Nicotine' Push
Marlboro cigarette maker Philip Morris International Inc. (NYSE:PM) announced Friday a deal that would give a further thrust to its "Beyond Nicotine" strategy.

The Philip Morris-Vectura Deal Terms: New York-based Philip Morris said it has agreed with the board of Vectura Group plc (OTC:VEGPF) regarding an all-cash offer to buy the latter for an enterprise value of 852 million pounds or $1.2 billion.

Each of Vectura shareholders will receive 150 pence per share in cash, a 46% premium to the ex-dividend closing price of Vectura stocks on the London Stock Exchange on May 25.

Vectura is a U.K.-based contract development and manufacturing company (CDMO) providing inhaled drug delivery solutions to its biopharma partners so they can bring their medicines to the market.

The company currently has 13 inhaled and 11 non-inhaled products marketed by major global pharma companies. Additionally, Vectura has a diverse portfolio of partnerships for drugs in clinical development.
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