The auction for Vectura Group PLC (AIM:VEC) (LSE:VEC) has concluded after private equity group Carlyle said its current offer was final on Tuesday evening.
The asthma inhalers maker noted on Wednesday morning that Philip Morris International Inc (NYSE:PM) (NYSE:PM) has until 5pm on Thursday to make a revised offer or pull out.
READ: Vectura to start rare takeover auction to end Philip Morris, Carlyle Group bidding war
Currently, the cigarette maker has already put forward the highest offer in the bidding war after proposing 165p per share on Friday.
Meanwhile, Carlyle won’t go over 155p per share.
After both parties battled each other for weeks, the Takeover Panel took the situation into its hands on Monday and set up a rare auction process, whereby Caryle and Philip Morris had five business days to continue bidding.
It seems Carlyle’s statement paves the way for a potential acquisition by Philip Morris, although the deal has been opposed by several health groups and politicians.
Vectura makes asthma inhalers and other treatments for respiratory diseases, including COPD which is also called ‘smoker’s cough’.
Philip Morris should be blocked from taking over a firm that makes asthma inhalers.
Ministers need to step in and stand up to big tobacco commercial interests.https://t.co/oTvwboiqny
— Jonathan Ashworth (@JonAshworth) August 10, 2021
Philip Morris said it is building a portfolio that goes “beyond nicotine” planned to generate at least US$1bn revenues by 2025, having identified respiratory drug delivery as a key focus.
The cigarette maker said that its move into the pharma space is founded on “strong understanding of aerosolisation and respiratory technology” and “its promising product development pipeline”, having invested over US$8bn in nicotine-free products since 2008.
The @atscommunity American Thoracic Society policy on Tobacco is clear. There is no role for big tobacco in lung disease science. @VecturaGroup @COPDFoundation @LungAssociation @EuroRespSoc @accpchest https://t.co/zOMy0YDhPY
— Michelle Turenne (@ATS_MT) August 10, 2021
Vectura shares were flat at 163.21p on Wednesday morning.