(Reuters) – Vectura Group said on Thursday it plans to back tobacco giant Philip Morris International’s 1.1 billion pounds ($1.52 billion) offer for the British drugmaker, days after private equity firm Carlyle decided against raising its bid.
Philip Morris on Sunday sweetened its offer for Vectura, which makes inhaled treatments, to 165 pence per share, surpassing Carlyle’s final 155 pence proposal.
Vectura said 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.
(Reporting by Yadarisa Shabong in Bengaluru; Editing by Devika Syamnath)
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