Philip Morris lifts bid for UK’s Vectura to 165 pence per share By Reuters

(Reuters) -Philip Morris has raised its bid for British drugmaker Vectura to 165 pence ($2.29) per share, the tobacco company said on Sunday.

“The PMI (Philip Morris (NYSE:PM) International) increased offer values the entire issued and to be issued ordinary share capital of Vectura at approximately 1.02 billion pounds ($1.41 billion),” it said in an emailed statement to Reuters.

The latest offer represents a premium of approximately

10 pence per share to a rival offer of 155 pence a share by U.S.-based Carlyle Group (NASDAQ:CG) announced on Friday.

Carlyle offered to buy Vectura for about 958 million pounds ($1.3 billion).

Vectura, which makes respiratory treatments, had said on Friday that it was backing Carlyle’s offer and withdrawing its recommendation for Philip Morris’ proposal, adding that it might be better positioned under Carlyle’s ownership.

Vectura did not immediately respond to a Reuters request for comment.

($1 = 0.7209 pounds)