The tobacco company Philip Morris International (PMI) has sealed its controversial £1.1bn takeover of the asthma inhaler maker Vectura, after more than half of the target company’s shareholders agreed to sell their stock.
PMI said it had either bought shares, or received acceptances of its offer, reaching just under 75% of the company, well ahead of the 50% it needed.
The offer has become “unconditional”, meaning the remaining shareholders cannot prevent it and can in effect be compelled to sell.
The takeover of a respiratory disease specialist by a cigarette company has sparked outrage among health charities and public health experts around the world.
But the Marlboro maker has argued that its transition away from cigarettes requires it to move into fields such as respiratory medicine, where it already has some expertise.
Jacek Olczak, the chief executive of PMI, said on Thursday: “We are very excited about the critical role Vectura will play in our Beyond Nicotine strategy and look forward to working with Vectura’s scientists and providing them with the resources and…
