Biotech start-up defends takeover of Vectura

A BRITISH biotech helping Vectura to develop an inhalable Covid-19 drug has issued a staunch defence of the company’s £1.1bn takeover by Philip Morris International, claiming blocking the deal would leave the tobacco giant “no choice but to continue its bad practices”.

London start-up Inspira Pharmaceuticals announced earlier this year it had signed a deal with asthma technology firm Vectura. The pair are working on creating an inhalable version of Inspira’s Covid-19 treatment and are planning to kick off trials for the treatment next year.

The show of support comes amid questions over Vectura’s commercial partnerships and whether they could be put at risk by the expected takeover by Philip Morris, the world’s largest listed tobacco company.

Health charities wrote to Vectura’s shareholders last week saying they should seize the opportunity to prove their commitment to ethical investing by blocking the takeover.

The letter said: “If PMI takes over Vectura, collaborators would have to choose between working with the tobacco industry – and thus be excluded from reputable medical and scientific communities – or dissolve their Vectura partnerships.”

Rory Mcgoldrick, Inspira co-founder and chief executive, said the company had been “initially concerned” by the deal. However, he said he was now supportive of the takeover.

Mr Mcgoldrick said: “A tobacco company moving into healthcare does not sound like an obvious marriage but PMI has very publicly stated its strategy to move away from tobacco.”