Philip Morris Bid For Vectura Trumps Carlyle Takeover

UK-Based Respiratory Specialist Recommends Shareholders Back 10% Higher Offer

 
• By Dave Wallace

Tobacco giant Philip Morris International has swept in with a superior offer for the UK’s Vectura group, outbidding Carlyle after its takeover attempt was announced in May. Vectura is recommending that its shareholders back the improved offer.

Philip Morris Logo Magnifying Glass
Philip Morris has outbid Carlyle for Vectura • Source: Alamy

Private equity group Carlyle has been outbid in its attempt to take control of the UK’s Vectura group, after tobacco industry giant Philip Morris International submitted a superior offer of £1.50 ($2.06) per share. The offer represents a 10% increase over Carlyle’s offer of £1.36 per share.

Vectura – which has allied with Hikma to successfully develop and launch a US generic version of GlaxoSmithKline’s Advair Diskus (fluticasone/salmeterol) blockbuster, among other projects (Also see "Hikma Resumes Launch Of Advair Rival" - Generics Bulletin, 21 April, 2021

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