The offer to acquire British firm Vectura is for approximately $1.2 billion and is expected to close in late 2021. However, there is a possibility that this could yet fall through, as PM outbid a previous offer/agreement to takeover Vectura from the private equity Carlyle Group, which had been announced in May at around $1 billion. Carlyle could now increase there bid as well, however, I think it is likely that PM will prevail.
Vectura makes inhalers and nebulisers, and has numerous patents in that area. Their annual sales are approximately $245 million, with annual EBITDA of approximately $85 million. The PM buyout price for Vectura is therefore at a similar valuation as they struck earlier this week for Fertin. Neither acquisition would be initially significant to PM's sales or earnings, but both are obviously in areas where PM is trying to grow by replacing smoking.