Deals
Philip Morris Vies With Carlyle to Buy Asthma Drugmaker Vectura
- Vectura makes devices to inhale drugs for clients like Bayer
- Shares exceed Philip Morris bid as Carlyle considers options
A Vectura FOX nebuliser
Source: Vectura Group Plc
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Philip Morris International Inc. agreed to buy U.K. asthma drug maker Vectura Group Plc for $1.2 billion, one of the biggest moves yet by a tobacco company toward treating conditions that its cigarettes can help cause.
Philip Morris is offering 150 pence in cash for every Vectura share, the companies said in a statement Friday. That’s 11% higher than Thursday’s closing price, and beats an offer from Carlyle Group Inc. that management had agreed to in May. Vectura shares rose as much as 13%, trading above the new bid.