Finance

UK pharma group Vectura agrees $1.4 bln takeover by Carlyle

2 minute read

A general view of the lobby outside the Carlyle Group offices in Washington, May 3, 2012. REUTERS/Jonathan Ernst/File Photo

LONDON, May 26 (Reuters) - Vectura Group (VEC.L), a British pharmaceutical company focused on inhaled medicines, said on Wednesday it had agreed a 958 million pound ($1.36 billion) takeover by global investment firm The Carlyle Group.

Shareholders will receive 136 pence in cash plus a dividend of 19 pence for each share under the terms of the offer, representing a 32% premium on the ex-dividend closing price of the stock on Tuesday, Vectura said.

Vectura's Chairman Bruno Angelici said the company had made strong progress since embarking on a strategy in 2019 to become a leading inhalation-focused CDMO, or contract development and manufacturing organisation.

He said that while the board remained confident in the fundamentals of the group and its strategy, the "attractive offer" secured future value for shareholders in cash today.

Vectura has 13 key inhaled and 11 non-inhaled products marketed by partners with global royalty streams, and a diverse partnered portfolio of drugs in clinical development.

Its partners include Novartis, GSK, Bayer, Chiesi, Almirall, and Tianjin KingYork.

($1 = 0.7067 pounds)

Reporting by Paul Sandle; Editing by Kate Holton

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