Cigarette producer Philip Morris buys piece of British inhaler company

Aug. 18 (UPI) -- Philip Morris, the maker of Marlboro brand cigarettes, announced Wednesday that it's buying nearly a quarter of British asthma inhaler company Vectura.

Philip Morris said it's buying a near 23% stake. Vectura is a Britain-based respiratory drug developer.

Vectura's board unanimously recommended the offer to shareholders, which is for an amount greater than Philip Morris' previous attempt in July for $1.2 billion.

If the deal is approved, Philip Morris said it expects to close later this year.

The proposed acquisition is part of PMI's long-term strategy, the company said Monday.

"[The deal] is part of our long-term strategy to transform PMI by investing in scientific excellence," Philip Morris International CEO Jacek Olczak said in a statement.

"Our investment will accelerate the development and delivery of inhaled therapeutics to address many of today's unmet medical needs."

The deal is part of the company's "Beyond Nicotine" strategy, which it says is based on inhaled therapeutics and developing health products that "improve people's lives in areas like energy, sleep, calm, and focus."

Philip Morris announced earlier this year the goal of generating greater than 50% of total revenues from smoke-free products.

Earlier this month, the cigarette maker acquired OtiTopic, a respiratory drug development company with late-stage inhalable acetylsalicylic acid treatment for acute myocardial infarction.

Philip Morris produces multiple cigarette brands, including Marlboro and L&M.