Inhalation CDMO Vectura has been sold to Molex for £150 million up front and up to an additional £148 million in potential payments, the companies have announced. Following the acquisition, Vectura will be operated by Phillips Medisize, which was acquired by Molex in 2016. The sale is expected to close by the end of this year.
According to the Vectura Fertin press release, one reason for the sale is that “unwarranted opposition to PMI’s transformation has impacted Vectura’s scientific engagement and commercial CDMO relationships.” Several respiratory and OINDP organizations, including the Drug Delivery to the Lungs conference, restricted participation by Vectura in 2021 following Vectura’s acquisition by tobacco company Philip Morris International (PMI).
PMI CEO Jacek Olczak commented, “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.”
Olczak added that PMI still intends to develop inhaled therapeutics and is “committed to driving innovation in this space over the long-term.” Vectura Fertin Pharma will remain part of PMI, and the deal with Molex includes master service agreements for development of Vectura Fertin’s pipeline of inhaled drugs, which includes cannabinoids and nicotine replacement products.
Phillips Medisize President Paul Chaffin said, “Combining the strengths of Phillips Medisize and Vectura will enhance our ability to deliver a broader portfolio of inhalation combination drug devices and solutions to our pharmaceutical customers and support our mission to help people live healthier, more productive lives. With our global reach, manufacturing scale, and engineering expertise, Phillips Medisize is uniquely positioned to help Vectura in developing innovative new products for their customers, ultimately benefiting people who suffer with chronic and acute diseases such as asthma and COPD.”
Molex CEO Joe Nelligan added, “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. We look forward to welcoming the Vectura team, who brings a celebrated reputation of inhalation expertise and experience.”
Read the Vectura press release.
Read the Molex press release.
