Molex, the parent company to Phillips Medisize, has agreed to acquire Vectura Group from Philip Morris International’s subsidiary Vectura Fertin Pharma for £150m in an all-cash deal.
The transaction also involves potential deferred payments of up to £148m. It will be executed by Molex’s affiliate Molex Asia.
Vectura, headquartered in Chippenham, UK, specialises in the design and formulation of inhalation drug delivery devices. Its expertise includes device development for dry powder inhalers, pressurised metered dose inhalers, nasal products, and nebulisers.
Additionally, Vectura provides services such as pharmaceutical analysis, process development, technical transfer, clinical trial supplies, and regulatory support. These capabilities cover small molecules, biologics, complex combinations, and generic products.
Philip Morris International stated that its 2021 acquisition of Vectura has played a key role in advancing Vectura Fertin Pharma’s development of inhaled therapeutics. This has provided the company with specialised knowledge, technologies, and formulation science, said the tobacco company.
According to Philip Morris International, despite its investment and efforts to develop essential products and therapies, opposition to its transformation has emerged. This has impacted Vectura’s scientific collaborations and commercial partnerships with contract development and manufacturing organisations (CDMOs), said the firm.
Philip Morris International CEO Jacek Olczak 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.”
As part of the agreement, master service agreements will also be established to develop Vectura Fertin Pharma’s proprietary pipeline of inhaled therapeutics. After the acquisition, Vectura will be operated by Phillips Medisize.
Acquired by Molex in 2016, Phillips Medisize designs, engineers, and manufactures medical and pharmaceutical devices. The company employs over 6,000 people and operates across 29 sites in North America, Europe, and Asia.
Molex CEO Joe Nelligan said: “The acquisition of Vectura is the latest step in building an industry-leading capability in medical. It also demonstrates Molex’s commitment to acquiring opportunities to better serve market needs across our portfolio.
“We are excited by the significant growth potential that comes with a wider range of formulation, device design, combination product development and manufacturing services to support the increasing need for inhalation therapies.”
The deal is anticipated to close by the end of this year. Its closing hinges on the receipt of regulatory approvals and other customary conditions.
