Benzinga | Aug 8, 2021 02:41PM EDT

Philip Morris Raises Bid For UK Inhaler Group Vectura

Philip Morris International Inc (NYSE:PM) is raising the stakes in the race for Vectura Group PLC (OTC:VEGPF) with a bid valuing the company at more than $1.41 billion, Reuters reports.

* In May, U.S.-based Carlyle Group Inc (NASDAQ:CG) had agreed to buy Vectura.

* Carlyle now has offered to buy Vectura for about $1.3 billion.

* Philip Morris on Sunday offered 165 pence per share for Vectura after Carlyle offered 155 pence.

* On Friday, Vectura said that it was backing Carlyle's offer and withdrawing its recommendation for the Philip Morris proposal.

* The company said that it might be better positioned under Carlyle's ownership.

* In a statement, Philip Morris has said, "PMI intends to operate Vectura as an autonomous business unit that will form the backbone of its inhaled therapeutics business."

* In February, Philip Morris announced its goal to generate more than 50 percent of its total net revenue from smoke-free products by 2025.

* In July, Philip Morris announced a deal to buy Fertin Pharma, a developer and manufacturer of pharmaceutical and well-being products based on oral and intra-oral delivery systems, for an enterprise value of about $820 million.