The battle for Vectura was hotting up on Monday after US tobacco giant Philip Morris upped its offer for the inhaler maker to £1.02bn.
Over the weekend, PMI lifted its offer to 165p a share in cash from 150p, after private equity firm Carlyle said on Friday that it had sweetened its bid for Vectura to 155p a share, or £958m.
Vectura accepted the bid from Carlyle at the end of last week, saying it was a “highly attractive” offer for its shareholders, “which secures the delivery of future value in cash, with no regulatory contingencies to completion”.
PMI said on Sunday that it intends to increase the total level of expenditure on research and development that it believes will further benefit Vectura’s differentiated technologies and development expertise for the delivery of complex inhaled therapeutics.
“In line with the UK’s life sciences strategy and in keeping with the UK’s position as a major scientific innovator, beyond supporting Vectura’s growth, PMI believes these investments will support the scientific ecosystem in the UK for the longer term,” it said.
“PMI believes that its significant expertise in scientific research, regulatory science, manufacturing, supply chain and commercialisation globally (with operations in over 180 markets), will safeguard and enhance the development of Vectura and its capabilities in complex inhaled therapeutics.”
At 0845 BST, Vectura shares were up 2.3% at 167.80p.
