BRIEF—Vectura rockets on news of £958 million takeover bid

Shares of UK developer of inhaled therapies developer Vectura closed up 34% at 163.20 pence today, after the company agreed on a £958 million ($1.35 bullion) takeover by private equity firm Carlyle Group.

The board has recommended an offer price of 155 pence per share, which is a 32% premium to Tuesday’s closing price.

“Vectura has made strong progress since embarking on its new strategy in 2019 to become a leading inhalation focused contract development and manufacturing organization (CDMO), whilst continuing to deliver strong financial and operational results in its royalties and product supply businesses,” said chairman Bruno Angelici.

“While the Vectura directors remain confident in the long-term fundamentals of the Vectura Group, we believe that this is an attractive offer for Vectura shareholders... The offer reflects the quality, strength and long-term performance of Vectura's businesses and its future growth potential," he added.