UK’s Vectura agrees to $1.44 bln rival bid from Philip Morris

Reuters, July 9 – Philip Morris International Inc (PM.N), the world’s largest cigarette firm, announced on Friday that it will buy Vectura Group (VEC.L), a British pharmaceutical company, for 1.05 billion pounds ($1.44 billion), as it expands beyond tobacco and nicotine. Vectura shareholders will receive 150 pence per share in cash, according to a joint statement released by the firms. Vectura, which agreed to a 958 million pound ($1.32 billion) transaction with Carlyle Group Inc (CG.O) in May, said it had withdrawn its support for the global investment firm’s 136 pence per share offer in favor of Philip Morris’ larger offer. find out more Vectura will operate as an autonomous subsidiary and will be at the heart of the tobacco giant’s inhaled treatments business, according to the tobacco giant, which has been looking beyond its conventional products and expanding into the broader healthcare industry. (1 dollar = 0.7264 pounds) Yadarisa Shabong contributed reporting from Bengaluru, and Shounak Dasgupta edited the piece. The Thomson Reuters Trust Principles are our standards./nRead More