Philip Morris International (PMI), which makes Marlboro cigarettes, has offloaded Vectura Group for £150m ($198m) after buying it in a deal worth more than £1bn.
Vectura is a pharmaceuticals company which develops inhaled medicines and makes inhaler devices.
In a statement, Vectura Fertin Pharma, Inc., an affiliate of Philip Morris International Inc. (PMI) announced the sale of its subsidiary Vectura Group Ltd. (Vectura) to Molex Asia Holdings Ltd., and the establishment of master service agreements to develop Vectura Fertin Pharma’s inhaled therapeutics proprietary pipeline.
Vectura will be operated by Phillips Medisize, a Molex company.
The sale includes upfront cash consideration of £150m, subject to customary purchase price adjustments, and potential deferred payments of up to £148m. The transaction is subject to customary closing conditions, including regulatory approval.
"In line with our ambitions, Vectura has enabled us to develop a proprietary pipeline of inhaled therapeutics, and we remain committed to driving innovation in this space over the long-term," said Jacek Olczak, PMI chief executive.
PMI’s 2021 acquisition of Vectura was said to have been instrumental in kick-starting Vectura Fertin Pharma’s development of inhaled therapeutics, bringing to the company specialist knowledge, technologies, and formulation science.
However, the statement said despite the investment and commitment to developing products and therapies vital to patients, "unwarranted opposition" to PMI’s transformation has impacted Vectura’s scientific engagement and commercial CDMO relationships.
Olczak added: "With its experience in pharmaceutical drug delivery devices and its global manufacturing footprint, Phillips Medisize is best placed to lead Vectura into the future—while releasing it from the unreasonable burden of external constraints and criticism related to our ownership."
The remaining units of Vectura Fertin Pharma will continue to operate as a separate company under PMI’s ownership and will be given a new corporate identity. This business will focus on developing and commercializing oral consumer health and wellness offerings and inhaled prescription products for therapy areas that include pain management and cardiovascular emergencies.
Phillips Medisize is a global company that designs, engineers, and manufactures drug delivery systems, medical devices, and in vitro diagnostic products.
The company’s more than 6,000 employees collaborate with customers at 29 sites throughout North America, Europe, and Asia.
Adding the Vectura team and its capabilities in inhalation was said to align with Phillips Medisize’s stated mission of working with customers to develop innovative products that help people live healthier, more productive lives.
