One of the world’s biggest cigarette makers faces a backlash after striking a £927 million deal to buy a British respiratory drug company that works on treatments for smoking-related diseases.
Philip Morris International, the maker of Marlboro cigarettes, surprised the City yesterday by revealing that it had agreed to acquire Vectura, the FTSE 250-listed business, in the biggest move by a tobacco company into the healthcare industry.
The New York-listed group has swooped on Vectura only days before shareholders in the British business were due to approve a rival takeover.
In May, Vectura had agreed to sell itself to Carlyle, the private equity firm, for 136p a share. However, PMI has now topped that deal with an offer of 150p.
Vectura said it was withdrawing
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2021-07-09 23:01:00Z
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