Philip Morris International has taken control of Vectura after the cigarette company’s contentious bid was supported by owners of almost 75% of the inhaler maker’s shares.
PMI said it received acceptances representing 45.61% of Vectura shares by the deadline on 15 September. Including the 29.16% stake PMI has bought, acceptances totalled 74.8% of the shares, easily meeting the 50% threshold for approval for the £1.1bn offer.
PMI’s bid has faced opposition from health experts, doctors and charities arguing that the maker of Marlboro cigarettes outside the US should not profit from treating the illnesses their products cause. Asthma UK, the British Lung Foundation and others wrote to shareholders saying the takeover would undermine Vectura’s research.
Jacek Olczak, PMI’s chief executive, said: “We have reached an important milestone in our acquisition of Vectura and are pleased to have secured over 74% of the company’s shares, in excess of the 50% required to make our offer unconditional and PMI the majority shareholder.”
Olczak said Vectura would play a critical role in PMI’s “beyond nicotine strategy” and that he would provide Vectura’s scientists with the resources to grow the business to help PMI generate at least $1bn from non-nicotine products by 2025.
