Vectura announced on Thursday, August 12, that it plans to back tobacco giant Philip Morris International’s £1.1 billion (US$1.52 billion) offer for the British drugmaker, days after private equity firm Carlyle decided against raising its bid.
Related: Philip Morris Ups Bid For UK’s Vectura
On Sunday, Philip Morris sweetened its offer for Vectura, which makes inhaled treatments, to 165 pence per share, surpassing Carlyle’s final 155 pence proposal.
Vectura stated it considered the terms of the Philip Morris offer to be fair and reasonable, and its board plans to unanimously recommend the bid to shareholders.
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.
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