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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.
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In May, U.S.-based Carlyle Group Inc (NASDAQ: CG) had agreed to buy Vectura.
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Carlyle now has offered to buy Vectura for about $1.3 billion.
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Philip Morris on Sunday offered 165 pence per share for Vectura after Carlyle offered 155 pence.
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On Friday, Vectura said that it was backing Carlyle's offer and withdrawing its recommendation for the Philip Morris proposal.
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The company said that it might be better positioned under Carlyle's ownership.
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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."
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In February, Philip Morris announced its goal to generate more than 50 percent of its total net revenue from smoke-free products by 2025.
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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.
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