Philip Morris Raises Bid For UK Inhaler Group Vectura

Philip Morris International Inc PM is raising the stakes in the race for Vectura Group PLC VEGPF with a bid valuing the company at more than $1.41 billion, Reuters reports.  

  • In May, U.S.-based Carlyle Group Inc CG had agreed to buy Vectura. 

  • Carlyle now has offered to buy Vectura for about $1.3 billion. 

  • Philip Morris on Sunday offered 165 pence per share for Vectura after Carlyle offered 155 pence.

  • On Friday, Vectura said that it was backing Carlyle's offer and withdrawing its recommendation for the Philip Morris proposal. 

  • The company said that it might be better positioned under Carlyle's ownership.

  • In a statement, Philip Morris has said, "PMI intends to operate Vectura as an autonomous business unit that will form the backbone of its inhaled therapeutics business."

  • In February, Philip Morris announced its goal to generate more than 50 percent of its total net revenue from smoke-free products by 2025.

  • In July, Philip Morris announced a deal to buy Fertin Pharma, a developer and manufacturer of pharmaceutical and well-being products based on oral and intra-oral delivery systems, for an enterprise value of about $820 million. 
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsPenny StocksSmall CapTop StoriesGeneralbidding warbuyoutCarlyle Group Incphilip morrisVectura Group PLC
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!