Business

British minister asks for monitoring of Vectura's proposed takeover by Philip Morris -The Times

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A Philip Morris logo is pictured on a factory in Serrieres near Neuchatel, Switzerland December 8, 2017/File Photo

July 14 (Reuters) - British Business Minister Kwasi Kwarteng has asked officials to monitor drugmaker Vectura Group PLC's (VEC.L) proposed takeover by U.S. tobacco group Philip Morris International Inc (PM.N), the Times newspaper reported.

Kwarteng is understood to be working with officials to better understand the plans Philip Morris has for Vectura, according to the report, which did not elaborate on the officials.

Philip Morris agreed on Friday to buy Vectura for 1.05 billion pounds ($1.45 billion), giving the U.S. firm access to the British drugmaker's respiratory ailment treatments and inhaling device technology. read more

($1 = 0.7244 pounds)

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Reporting by Kanishka Singh in Bengaluru; Editing by Christopher Cushing

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