Vectura Heads To Auction As Carlyle And Philip Morris Raise Stakes
Both Parties Submitted Increased Proposals For UK Respiratory Firm
Private equity group Carlyle and tobacco giant Philip Morris International are caught in a tug-of-war for UK-based respiratory specialist Vectura, after submitting revised bids for the company.
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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.
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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.