PMI Global Services Inc, the wholly owned subsidiary of Philip Morris International, has increased its offer for the Chippenham based respiratory drug maker Vectura.
This is the latest chapter in the Chippenham-based business’s ongoing saga. In May Vectura Group PLC agreed a £958 million takeover by global private equity firm Carlyle Group, a private equity firm with $260 billion of assets under management.
The PMI increased offer values Vectura at approximately £1.02 billion.
In its latest statement, PMI said: “PMI’s business model and strategy is driven by a long term commitment to the transformation of its business and not a search for short term gains and efficiency.
“PMI’s proposed acquisition of Vectura is part of its long-term strategy, as outlined in its 2020 integrated report. As part of that vision, PMI will build on its leading scientific capabilities to develop products and services that go Beyond Nicotine. PMI aims to achieve at least $1 billion in annual net revenues from Beyond Nicotine sources in 2025.”