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.