Vectura Agrees to $1.33 Billion Carlyle Takeover; Withdraws Philip Morris Recommendation

   By Ian Walker

Vectura Group PLC said Friday that it has agreed a 958 million-pound ($1.33 billion) takeover by Murano Bidco Ltd., a new company indirectly controlled by funds managed by Carlyle Europe Partners V, and has therefore withdrawn its recommendation for Philip Morris International Inc.'s proposal.

Under the offer, accepting shareholders of the U.K. pharmaceuticals business will get 155 pence in cash for each share held, a 3.3% premium to Philip Morris' previously agreed takeover of 150 pence.

Vectura, which specializes in inhaled medicines, said the Carlyle bid offers better value to shareholders than Philip Morris's and also puts the company in a better position to meet its current strategy.

Shares at 1418 GMT were up 9.0 pence, or 5.8%, at 163.0 pence.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

August 06, 2021 10:39 ET (14:39 GMT)

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