The acquisition comes as PMI looks to speed up its Beyond Nicotine Strategy and expand its product pipeline development capabilities in inhaled therapeutics, according to a company press release.

Philip Morris International Inc. (PMI) announced an all-cash agreement with Vectura Group plc (Vectura) for an enterprise value of GBP 852 million (USD 1.2 billion). According to a company press release, Vectura provides innovative inhaled drug delivery solutions which allows medicines to be brought to patients. Vectura works with major global pharmaceutical partners and has thirteen key inhaled and eleven non-inhaled products on the market.
Earlier this year, PMI announced it would be focusing on generating over 50 per cent of its net revenues from smoke-free products by 2025 and aims to make at least USD 1 billion in net revenues from “Beyond Nicotine” products in the same time period.
“The market for inhaled therapeutics is large and growing rapidly, with significant potential for expansion into new application areas. PMI has the commitment to science and the financial resources to empower Vectura’s skilled team to execute on an ambitious long-term vision. Together, PMI and Vectura can lead this global category, bringing benefits to patients, to consumers, to public health, and to society-at-large,” said Jacek Olczak, Chief Executive Officer.