Vectura Agrees £958m Takeover Following Hikma Advair Launch
Partner Hikma Recently Launched US Advair Generic
Weeks after partner Hikma launched its generic version of GSK’s Advair, Wiltshire-based Vectura has agreed a takeover offer by private equity Carlyle, which aims to build a market leading inhalation specialist CDMO.
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Philip Morris once again pledged to up R&D in Vectura after its £1.1bn takeover offer for the UK-based inhalation specialist became unconditional, following the tobacco giant’s acrimonious face-off with private equity Carlyle earlier this year.
Vectura’s board of directors has chosen cigarette manufacturer Philip Morris’ superior cash offer, turning down US private equity Carlyle, following a months-long battle between the two bidders for the inhalation specialist that was set to go to a rare auction in the UK.
The race to take control of the UK-based Vectura group will go down to the wire, as private equity Carlyle pulled the plug on a potential auction by declaring final its revised bid for the respiratory specialist. Tobacco giant Philip Morris has offered a 10% premium to Carlyle’s bid.