Carlyle ups offer for UK's Vectura

UK-based inhaled medicines developer Vectura (LSE: VEC), which jilted a first offer from the Carlyle Group in July in favor of a bid from tobacco company Philip Morris, today received and accepted a higher bid from the private equity firm.

Under the offer, accepting shareholders of the U.K. pharmaceuticals business will get 155 pence in cash for each share held, a 3.3% premium to Philip Morris' previously agreed takeover of 150 pence, valuing the bid at £958 million ($1.33 billion). Vectura’s shares were up 6.6% at 164.18 pence as trading was near to closing.

The acquisition will be effected through Murano Bidco, a newly-formed company indirectly controlled by funds managed by Carlyle Europe Partners.