Saturday March 15 2025
Swindon & Wiltshire News
The takeover of Chippenham-based biotech firm Vectura by a subsidiary of tobacco giant Philip Morris seems certain after the cigarette manufacturer said it had secured almost three-quarters of the inhaler maker’s shares.
Philip Morris International needs more than 50 percent of shares to secure its £1 billion takeover.
The deal has proved controversial as Vectura makes inhaled medicines and devices to treat respiratory illnesses such as asthma.
In a statement today (Thursday), PMI’s chief executive, Jacek Olczak, said: “We have reached an important milestone in our acquisition of Vectura and are pleased to have secured over 74 percent of the company’s shares, in excess of the 50 percent required to make our offer unconditional and PMI the majority shareholder.”
More than 20 UK, US and European organisations have written to Vectura’s management urging it to reconsider the takeover on ethical and practical grounds.
Today, Michelle Mitchell, chief executive of Cancer Research UK, said: “It’s unethical for a tobacco company to profit from treating diseases made far more prevalent because of its products.
“We also remain concerned that this move is part of the tobacco industry’s attempt to position itself as part of the solution to a smoke-free world, despite continuing to aggressively promote and sell lethal cigarettes globally.”
ELF, the European Lung Foundation, said: “We are very disappointed. Vectura – a company which makes products to improve the lives of people living with lung conditions – is now under the control of Philip Morris International – a company which makes products that damage the lungs and cause long-term lung conditions.”
The British Thoriac Society said: “This is inappropriate, unethical, and should have been prevented.”
Latest: Tobacco giant to sell Chippenham firm it bought three years ago
