* Holders of roughly 75% Vectura shares tender support
* PMI needed 50% backing for deal to go through
* Extends deadline for other holders to tender shares by
Sept. 30
(Adds detail, background)
By Pushkala Aripaka
Sept 16 (Reuters) - Cigarette maker Philip Morris (PMI)
has clinched the roughly 1-billion-pound takeover of
inhaler maker Vectura after winning the backing of about
75% of shareholders in the British company, part of its
expansion beyond tobacco.
Vectura shareholders had until Sept. 15 to decide whether to
support the 165 pence-per-share bid from PMI, which sought to
buy the London-listed asthma drug maker as part of its plan to
go "smoke-free" and switch to healthcare and wellness products.
"We have reached an important milestone in our acquisition
of Vectura and are pleased to have secured over 74% of the
company's shares, in excess of the 50% required to make our
offer unconditional and PMI the majority shareholder," PMI Chief
Executive Jacek Olczak said in a statement on Thursday.
PMI had received the shares from shareholders through a
public tender offer process, and the cigarette maker's offer for
Vectura cannot be withdrawn now.
PMI, which fought off private equity firm Carlyle Group
for the buyout of Vectura, had switched its proposal to a
takeover offer from a so-called scheme of arrangement to raise
its chances.
The switch allowed PMI to require the support of holders of
just over 50% of Vectura shares for the deal to go through.
Philip Morris has received regulatory clearances for the
deal and had won the backing of Vectura's board, but health
groups are questioning the idea of a tobacco company making
money from treating the very illnesses that cigarettes cause.
Olczak said PMI would provide Vectura's scientists with the
resources and expertise to reach a target of at least $1 billion
in net revenue from its "Beyond Nicotine" products by 2025.
The U.S.-based company has also extended the deadline for
the remaining Vectura shareholders to tender their shares to
Sept. 30.
($1 = 0.7234 pounds)
(Reporting by Pushkala Aripaka in Bengaluru; Editing by Devika
Syamnath and Emelia Sithole-Matarise)
