PMI now controls Vectura – Vaping station
After the NGO controversy, tobacco giant Philip Morris International acquired ownership of the biotech company Vectura.
LONDON – Tobacco giant Philip Morris International (PMI) has would have taken control UK-based medicinal inhaler manufacturer Vectura Group plc.
The cigarette maker said in a recent statement that it had obtained around 75 percent of Vectura’s shares. This makes PMI the majority shareholder.
According to CNN Business in line, 45 percent of minority shareholders agreed to the takeover because PMI also bought 29 percent of the shares through open market trading.
“We look forward to working with the scientists at Vectura and providing them with the resources and expertise to grow their business to help us achieve our goal of generating at least $ 1 billion in net revenue from ‘Au – beyond nicotine “by 2025,” said Jacek Olczak. , the CEO of Philip Morris International, in a declaration.
Philip Morris International announced earlier this year plans to step up the company’s efforts to move away from cigarettes to generate more than half of annual net revenues from smokeless recreational products like e-cigarettes and drug development. respiratory within four years of the plan. . PMI sells cigarettes in more than 175 markets around the world, making it still the world’s largest cigarette manufacturer.
Vectura has been used in the production of drugs for biotechnology and pharmaceutical companies such as Novartis and GlaxoSmithKline.
Critics of the acquisition say PMI is taking over Vectura’s business not for the public good, but for more profit from their nicotine and tobacco products.
“We believe that it is clear that this agreement is not in the public interest and that it creates perverse incentives for [Philip Morris International] increase the harms of smoking so that they can then benefit again from the treatment of smoking-related diseases, ”writes a coalition of public health and tobacco control charities, including the British Lung Foundation and Cancer Research UK, in a letter to UK Health Minister Jo Churchill MP.
This is a developing story.