Chippenham's Vectura Group sold by tobacco giant Philip Morris
Chippenham-based Vectura Group, which makes inhalers, has been sold by tobacco titan Philip Morris International to electronics group Molex Asia Holdings for an upfront cash consideration of £150 million, it has emerged.
It comes after the backlash the New-York listed firm said it received following its purchase three years ago of Vectura for over £1 billion.
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Vectura will now be operated by Molex company Phillips Medisize.
Jacek Olczak, Philip Morris' CEO, said: "With its experience in pharmaceutical drug delivery devices and its global manufacturing footprint, Phillips Medisize is best placed to lead Vectura into the future—while releasing it from the unreasonable burden of external constraints and criticism related to our ownership."
The sale of the Wiltshire-based firm includes upfront cash of £150 million, subject to customary purchase price adjustments, and potential deferred payments of up to £148 million.
The transaction is subject to closing conditions, including regulatory approval.
Philip Morris said its 2021 acquisition of Vectura had been "instrumental in kick-starting" the development of inhaled therapeutics, bringing to the company specialist knowledge, technologies, and formulation science.
"However, despite the investment and commitment to developing products and therapies vital to patients, unwarranted opposition to PMI’s transformation has impacted Vectura’s scientific engagement and commercial CDMO relationships," it said.
Olczak added in the statement: "In line with our ambitions, Vectura has enabled us to develop a proprietary pipeline of inhaled therapeutics, and we remain committed to driving innovation in this space over the long-term."
Phillips Medisize is a contract development and manufacturing organization (CDMO). It collaborates with pharmaceutical, medtech and in vitro diagnostic companies to design, engineer and manufacture life-saving innovations.
