Vectura

Last updated

Vectura Group Limited
Company type Subsidiary
Industry Pharmaceuticals
Founded1997;28 years ago (1997)
Headquarters Chippenham, England, UK
Number of locations
5 (in 2019)
Key people
Bruno Angelici, Chairman
Michael Austwick, (CEO)
RevenueIncrease2.svg £190.6 million (2020) [1]
Increase2.svg £132.8 million (2020) [1]
Increase2.svg £122.4 million (2020) [1]
Number of employees
450 (2021) [2]
Parent Molex Inc.
Website www.vectura.com OOjs UI icon edit-ltr-progressive.svg

Vectura Group Limited is a British pharmaceuticals company based in Chippenham, England which develops inhaled medicines and makes inhaler devices. It was listed on the London Stock Exchange until it was acquired by Philip Morris International in September 2021. The company was purchased from Philip Morris by Molex Inc. in December 2024.

Contents

History

Vectura was formed in 1997 at the University of Bath as a start-up pharmaceuticals business. [3] In 1999 it acquired Co-ordinated Drug Development and the Centre for Drug Formulation Studies. [4] The company moved from the university campus to a site at Chippenham, Wiltshire in 2002. [3] In 2004 it was listed on the Alternative Investment Market. [3] In 2006, Vectura acquired Innovata Biomed plc, another developer of pulmonary products, [5] and then moved onto the full list of the London Stock Exchange. [4] It acquired Activaero, a German manufacturer in the same sector, for £108 million in March 2014. [6] In June 2016, Vectura completed a £441 million merger with Skyepharma, a maker of devices such as asthma inhalers; it was stated that the merged company would continue to be known as Vectura. [7]

The former Skyepharma manufacturing plant at Lyon, France, makes various oral products including tablets. After Vectura decided to concentrate on inhaled products, in June 2021 the company supported a buy-out of the site by its management, with finance from Bpifrance. [8]

In July 2021, American tobacco company Philip Morris International made an offer to buy Vectura Group for £1 billion. [9] The Carlyle Group, an American private equity firm, also submitted an offer which was £44m lower. [10] The board subsequently accepted the offer from Philip Morris International [11] and, in September, it confirmed that circa 75% of shareholders had supported the takeover. [12]

In December 2024, three months after an agreement between the parties was announced, Vectura was acquired by the American manufacturing company Molex (a subsidiary of Koch, Inc.). [13]

Consequences of tobacco industry ownership

The takeover by Philip Morris was widely condemned. [14] [15] Because Vectura became part of the tobacco industry, the company, and people who work for it or in collaboration with it, were subject to policies that exclude the tobacco industry. [16]

The British Thoracic Society made the following statement:

Vectura, a company that for over 20 years has worked to treat lung disease, is now part of the tobacco industry. This is inappropriate, unethical and should have been prevented. The society’s policy in relation to the tobacco industry remains clear. [14]

The Forum of International Respiratory Societies (FIRS) took the following position:

We give official notice that our organizations and members cannot condone new interactions and links with any company wholly owned by a tobacco company such as Phillip Morris International.  This is in accordance with our rules, ethical codes, and the World Health Organization’s Framework Convention on Tobacco Control (the UN Tobacco Control Treaty) guidance. [17]

The American Thoracic Society stated:

ATS prohibits tobacco companies and those who have received funding from tobacco companies from involvement with the ATS in a number of ways, from publishing in ATS journals, to presenting at our international conference. We believe it’s critical that a separation be maintained between tobacco companies and respiratory health groups. These polices, based on the extensive evidence of misconduct over many years by the tobacco industry, reflect the total lack of confidence we have in any claims from the tobacco industry of efforts to improve health. [18]

Operations

Vectura is a developer of inhaled therapies for the treatment of respiratory diseases. [19] Since 2019, it has operated as a contract development and manufacturing organization (CDMO), helping other companies bring inhaled medicines to market. [3]

The headquarters and development facility at Chippenham, England, on a mixed industrial site on the outskirts of the town, employed around 250 as of 2022. [20] There are also development sites at Cambridge, Muttenz (Basel, Switzerland) and Gauting (Germany). [3] There are plans for a new research & development building at the Bristol and Bath Science Park, not far from Chippenham, which could open in 2025. [21]

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References

  1. 1 2 3 "Annual Results 2020" (PDF). Vectura Group. Retrieved 18 March 2021.
  2. ↑ "Executing on our inhaled specialist CDMO strategy" (PDF). Vectura Group. 14 January 2021. Retrieved 3 March 2021.
  3. 1 2 3 4 5 "About us". Vectura. Retrieved 16 June 2022.
  4. 1 2 "Company History". Vectura. Archived from the original on 12 March 2018 – via Internet Archive.
  5. ↑ Barriaux, Marianne (17 November 2006). "Vectura buys Innovata". Guardian.
  6. ↑ "UK's Vectura buys Activaero for £108 million". Pharma Times. 16 March 2014. Retrieved 20 June 2015.
  7. ↑ Bradshaw, Julia (16 March 2016). "Vectura and Skyepharma to merge in £441m deal". The Daily Telegraph . Retrieved 11 June 2016.
  8. ↑ "Vectura announces completion of management buy-out of Lyon oral subsidiary, Skyepharma Production SAS". Vectura. 10 June 2021. Retrieved 16 June 2022.
  9. ↑ Ralph, Alex (9 July 2021). "Philip Morris buys respiratory drugs company Vectura for £1bn". The Times . ISSN   0140-0460 . Retrieved 9 July 2021.
  10. ↑ "Health firm Vectura faced with choice between Carlyle and Philip Morris". the Guardian. 10 August 2021.
  11. ↑ "Vectura board unanimously accepts Philip Morris's controversial takeover bid". The Guardian. 12 August 2021. Retrieved 17 September 2021.
  12. ↑ "Philip Morris seals deal for UK's Vectura despite health group concerns". Reuters. 16 September 2021. Retrieved 21 September 2021.
  13. ↑ "Molex to acquire Vectura from Philip Morris subsidiary in £150m deal". Medical Device Developments. 18 September 2024. Retrieved 7 January 2025.
  14. 1 2 Hopkinson, Nicholas S. (1 June 2022). "Vectura and Philip Morris: the leopard has not changed its spots". Thorax. 77 (6): 537–538. doi:10.1136/thoraxjnl-2021-218328. ISSN   0040-6376. PMID   34949723.
  15. ↑ "Vectura - TobaccoTactics". tobaccotactics.org. Retrieved 30 April 2024.
  16. ↑ Kollewe, Julia; Davies, Rob (16 September 2021). "Inhaler firm Vectura removed from conference over Philip Morris takeover". The Guardian. ISSN   0261-3077 . Retrieved 30 April 2024.
  17. ↑ Salter, Fiona (14 January 2022). "Joint statement on the implications of Philip Morris International's acquisition of Vectura". FIRS. Retrieved 30 April 2024.
  18. ↑ "ATS News - President's Message: ATS Condemns the Acquisition of Vectura Group by Phillip Morris, International". news.thoracic.org. Retrieved 30 April 2024.
  19. ↑ "Dr Karl Keegan to join Vectura Group". Manufacturing Chemist. Retrieved 20 June 2015.
  20. ↑ "Chippenham". Vectura. Retrieved 16 June 2022.
  21. ↑ "New R&D Facility, Bristol and Bath Science Park" (PDF). Vectura. February 2022. Retrieved 16 June 2022.
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