Philip Morris International, a Swiss-American multinational cigarette and tobacco manufacturing company, agreed to acquire Vectura, a British pharmaceuticals business, for $1.4bn. The Carlyle Group made an unsuccessful bid for Vectura. "We have reached an important milestone in our acquisition of Vectura and are pleased to have secured over 74% of the company’s shares, in excess of the 50% required to make our offer unconditional and PMI the majority shareholder. We are very excited about the critical role Vectura will play in our Beyond Nicotine strategy and look forward to working with Vectura’s scientists and providing them with the resources and expertise to grow their business to help us achieve our goal of generating at least $1bn in net revenues from Beyond Nicotine products by 2025," Jacek Olczak, PMI CEO. On July 9, 2021, Philip Morris International offers to acquire Vectura. On August 6, 2021, Carlyle raised its offer for Vectura to $1.33bn. On August 8, 2021, Philip Morris International raised its offer to $1.4bn. On August 12, 2021, Philip Morris won the support of Vectura for its $1.4bn takeover offer for the inhaled treatments maker after outbidding Carlyle. On September 16, 2021; Philip Morris secures over a 75% stake in Vectura in takeover tender offer. On October 1,2021, Philip Morris has control of most of Vectura shares and is in the final stages of taking the drug maker private.