Philip Morris launches a counter for Vectura inhaler specialist

Philip Morris International has launched a counterclaim for Vectura, a London-listed inhaler specialist, as the tobacco company pushes for expansion in healthcare.

The PMI offer of 150p per share was 10 per cent above the price Vehicle had already accepted with private equity group Carlyle. Shares, which grew nearly 9 percent this year, closed at 135.6p Thursday and jumped more than 12 percent to 152.9p Friday morning.

Vectura executives have withdrawn their recommendation to support Carlyle’s offer and will postpone a shareholders ’meeting convened for Monday, the company said in a statement.

SMEs seek to expand beyond tobacco and nicotine into health and wellness products. In February, it unveiled its plans to generate at least $ 1 billion in net annual revenues by 2025 from what it called Nicotine Beyond products and identified respiratory drug delivery as a central focus.

Vectura is one of the few companies that manufactures devices that provide a wide range of complex inhalation therapies.

The boom in health care products has recently heated up like private equity and other groups seek to capitalize on lower valuations after the coronavirus pandemic and uncertainty over Brexit.

Buyout groups are interested in the pharmaceutical and healthcare sector because it is considered more resistant to recessions and better placed to take advantage of demographic changes such as an aging population.

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