Philip Morris gets shareholder backing in Vectura saga; Tarveda strikes exclusive licensing agreement with SciClone

17 Sep 2021
endpts.com
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Tobacco giant Philip Morris now has crossed the 50% threshold it needs for shareholder backing for its controversial, $1.5 billion takeover of asthma inhaler maker Vectura. Investors have accepted a $2.28-per-share offer from the company behind Marlboro cigarettes, according to Sky News — and those investors represent nearly 75% of the company’s shares. Acquiring the British inhaler maker is only a part of Philip Morris’ long term plan to develop “smoke-free” products, with a desire to ultimately become a “broader healthcare and wellness” company. The deal, which was alongside a rival offer from private equity firm Carlyle, has already received regulatory clearances. The latest step in the takeover process means its offer cannot be withdrawn — effectively sealing the deal. The company said it was extending its offer until the end of the month to give remaining Vectura shareholders time to accept its proposal. Massachusetts biotech Tarveda has expanded its recent partnership with SciClone Pharmaceuticals. Tarveda’s exclusive license agreement with SciClone, which builds upon the partnership signed in March of 2020 for anti-tumor conjugate PEN-866, allows SciClone to send a mini drug portfolio of conjugates through R&D and commercialization in certain Asian markets, such as China, Taiwan, Macau and Hong Kong. The portfolio will consist of preclinical products such as a PI3K inhibitor with an undisclosed payload moiety, a linker and an HSP90-binding moiety. SciClone will pay Tarveda an upfront fee as part of the expansion, along with making an equity investment, providing additional milestone payments and leaving open the possibility for royalties. Specific numbers and percentages were not publicly disclosed. Tarveda president and CEO Brian Roberts said in a statement, “We are excited to expand our relationship with SciClone Pharmaceuticals … SciClone Pharmaceuticals has proven to be a reliable and outstanding partner with deep product, regulatory and commercialization experience in Greater China and we are thrilled to broaden our partnership beyond PEN-866.”
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