Staff of Reuters Read for 1 minute On August 19, 2009, the Philip Morris International Operation Center was photographed in Lausanne. Philip Morris International (PMI) is the largest tobacco firm in the world, with products distributed in more than 160 countries. Denis Balibouse/Denis Balibouse/Denis Balibouse/Denis Balibouse/Denis Bali (Source: Reuters) Philip Morris International Inc, the world’s largest cigarette business, announced on Friday that it will buy Vectura Group for $1.44 billion in a deal that values the British pharmaceutical company at 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 Vectura, which agreed to a 958 million pound ($1.32 billion) agreement with Carlyle Group Inc in May, said it had withdrawn its support for the global investment firm’s 136 pence per share offer in favor of Philip Morris’ larger offer. 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./n
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