Marlboro maker Philip Morris purchase a stake in a British asthma inhaler firm

August 19, 2021: On Wednesday, the Tobacco group, Philip Morris International, said it had got 22.61% of the respiratory drug developer Vectura in a market purchase based in the U.K.

The maker of Philip Morris said that it is planning to make further market purchases of Vectura at 165 pence for each share.

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

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

“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,” PMI CEO Jacek Olczak said on Monday.

“Our investment will accelerate the development and delivery of inhaled therapeutics to address many of today’s unmet medical needs. We need to work with Vectura’s great people as we embark on the coming stage of our transformation.”

This month, an open letter signed by 35 health charities and public health experts made Vectura board members decline a takeover bid by Philip Morris International.

Philip Morris International has repeatedly touted its “smoke-free” ambitions, although most of its revenues still derive from cigarettes. Last month, PMI’s Olczak reportedly said that the company wants to stop selling cigarettes in the U.K. within ten years.

Philip Morris International has issued the same statements in the past only for a small change. The firm’s former CEO, Andre Calantzopoulos, had previously said that he hoped the company would stop selling cigarettes entirely.

Campaign groups have condemned tobacco giants, having a long history of denying the health risks of smoking, for advocating themselves as part of the transition to a smoke-free world while globally selling and promoting cigarettes.

The World Health Organization describes the tobacco epidemic as “one of the biggest public health threats the world has ever faced.” The United Nations health agency says smoking, which also includes second-hand, kills more than 8 million people per year.