Philip Morris bought 22.6% of British pharmaceutical company Vectura for $ 308.8 million.

One of the world’s largest tobacco manufacturers, Philip Morris International (PMI), has bought 22.61% of the British pharmaceutical company Vectura Group, PMI said in a statement.

“PMI acquired 135,517,395 Vectura shares at £ 1.65 (approximately $ 2.28) per Vectura share, representing approximately 22.61% of Vectura’s outstanding shares,” it said in a statement. Based on this, the deal was worth around £ 223.6 million ($ 308.8 million).

PMI announced its intention to buy Vectura for £ 853 million ($ 1.2 billion) in early July, explaining that it will help it accelerate its way beyond the tobacco business.

The company says it intends to continue buying Vectura shares on the market at up to £ 1.65 per share.

Vectura Group develops inhaled drugs for the treatment of respiratory diseases.

The history of Philip Morris began with the opening in London in 1847 of a tobacco shop selling hand-rolled Turkish cigarettes. In 1887, the company was named Philip Morris & Co., Ltd. The headquarters is in Lausanne. Marlboro, L&M, Philip Morris, Chesterfield, Parliament, Muratti, Virginia Slims, and others are among the company’s brands.