Philip Morris International Inc. (PMI) has announced it has published an offer document with UK-based Vectura Group plc (Vectura) in connection with the recommended cash offer to acquire the inhaled therapeutics company.

Under the terms of the acquisition, Vectura shareholders would be entitled to receive 165 pence per share, a 60 per cent premium to the ex-dividend closing price of 103 pence per Vectura share on 25 May 2021.
“PMI’s acquisition of Vectura is part of our long-term strategy to transform PMI by investing in scientific excellence and leveraging its capabilities and expertise,” said PMI’s Chief Executive Officer, Jacek Olczak. “Our investment will accelerate the development and delivery of inhaled therapeutics to address many of today’s unmet medical needs. We look forward to working with Vectura’s great people as we embark on the next stage of our transformation.”

The offer will initially remain open for acceptance until 1:00 p.m. (London time) on 15 September 2021. PMI will fund the transaction with existing cash and expects it to close in the second half of 2021, subject to receipt of acceptances of the offer and approval by the appropriate regulatory authorities. PMI expects the impact of the acquisition on its full-year 2021 adjusted diluted EPS to be immaterial.