Philip Morris heats up race for Vectura

New venture: A file picture showing a Vectura manufacturing facility. Philip Morris intends to use the company as the backbone of its inhaled therapeutics business. — Reuters

LONDON: Philip Morris International Inc heated up the race for Vectura Group Plc with a bid valuing the UK asthma drug maker at more than £1bil (RM5.86bil), trumping an offer from Carlyle Group Plc.

The maker of Marlboro cigarettes offered 165 pence (RM9.67) per share for Vectura after Carlyle last Friday offered 155 pence (RM9.08). The new bid values Vectura’s shares at about £1.02bil, or US$1.4bil (RM5.91bil).