Philip Morris to Acquire British Drugmaker Vectura for $1.2 Billion

Tobacco giant Philip Morris has agreed to purchase UK-based biotech Vectura for approximately $1.2 billion, expanding its reach into the respiratory drugs business.

Vectura, which manufactures respiratory medicines and inhaler devices, has several global marketing partnerships, including with Novartis.

Philip Morris also recently announced that it would acquire Danish drugmaker Fertin Pharma, part of its “Beyond Nicotine” strategy to generate more than 50 percent of its revenue from smoke-free products by 2025.