A PYMNTS Company

Philip Morris Ups Bid For UK’s Vectura

By  |  August 8, 2021

Philip Morris has raised its bid for British drugmaker Vectura to 165 pence (US$2.29) per share, the tobacco company stated on Sunday, August 8.

“The PMI (Philip Morris International) increased offer values the entire issued and to be issued ordinary share capital of Vectura at approximately 1.02 billion pounds ($1.41 billion),” it wrote in an emailed statement to Reuters.

The latest offer represents a premium of approximately 10 pence per share to a rival offer of 155 pence a share by US-based Carlyle Group announced on Friday.

Carlyle offered to buy Vectura for about £958 million (US$1.3 billion). Vectura, which makes respiratory treatments, had stated on Friday that it was backing Carlyle’s offer and withdrawing its recommendation for Philip Morris’ proposal, adding that it might be better positioned under Carlyle’s ownership.

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.