Marlboro Maker Philip Morris Buys 22% Stake In British Asthma Inhaler Firm

They plan to make further market purchases of Vectura at $2.27 per share

Tobacco group Philip Morris International on Wednesday said it had bought 22.61% of U.K.-based respiratory drug developer Vectura in a market purchase.

The maker of Marlboro cigarettes said it plans to make further market purchases of Vectura at 165 pence ($2.27) per share.

Philip Morris International said Monday that it had entered a tender period with Vectura shareholders following the unanimous recommendation of the asthma inhaler firm’s board.

Vectura’s board cited a superior cash price offered to Vectura shareholders by Philip Morris International and said the benefit to stakeholders from the cigarette maker’s significant financial resources, commitment to enhanced research and development, and autonomy were factors in their decision.

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