The board of British pharmaceutical agency Vectura has backed a takeover provide from tobacco big Philip Morris Worldwide.
PMI had provided 165p per share – or round £1.1bn – for the Wiltshire-based agency, which makes inhaled medicines and gadgets to deal with respiratory diseases resembling bronchial asthma.
Its rival, US non-public fairness agency Carlyle, had provided 155p per share and mentioned earlier this week that it could not improve its bid, which it described as “full and honest”.
Vectura’s board had come below strain from politicians resembling shadow well being secretary Jonathan Ashworth, in addition to varied well being organisations, all involved about such a tie-up.
However on Thursday night, the board mentioned it thought-about the phrases of the PMI provide to be honest and affordable, including that it plans to unanimously advocate the bid to shareholders.