Tobacco group Philip Morris International on Wednesday said it had bought 22.61% of U.K.-based respiratory drug developer Vectura in a market purchase.
The maker of Marlboro cigarettes said it plans to make further market purchases of Vectura at 165 pence per share.
A picture taken on August 21, 2018 shows the research and development campus of cigarette and tobacco manufacturing company Philip Morris International, in Neuchatel, western Switzerland.on Wednesday said it had bought 22.61% of U.K.-based respiratory drug developer Vectura in a market purchase. Vectura's board cited a superior cash price offered to Vectura shareholders by Philip Morris International and said the benefit to stakeholders from the cigarette maker's significant financial resources, commitment to enhanced research and development, and autonomy were factors in their decision.
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