Private Equity Eyes Pharma As Vectura Gets Snapped Up By Carlyle
UK Firm Bought Out For Nearly $1.4bn
Cash-rich private equity firms are eyeing opportunities in healthcare, especially among listed companies with sluggish share prices. The Carlyle Group could be getting a bargain if it seals a deal for the Chippenham-based inhalation specialist.
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Private equity group Carlyle has pulled the plug on a potential auction to take control of the UK-based Vectura group by declaring final its revised bid for the respiratory specialist. Tobacco giant Philip Morris had offered a 10% premium to Carlyle’s bid.
The Takeover Panel is stepping in to oversee an auction process after two revised offers in recent days from rivals Philip Morris and Carlyle upped the ante in the bidding war for the UK respiratory company.
Buying the UK inhalation specialist Vectura will be key to the transformation of Philip Morris International as it looks to reduce its reliance on smoking products, CEO Jacek Olczak has declared.