Private equity firm Carlyle Group’s subsidiary Murano Bidco has agreed to acquire British pharmaceutical company Vectura Group for about $1.4bn (£958m).
Under the terms of the acquisition, Murano Bidco will offer $2 (£1.55), including $1.9 (£1.36) in cash and a $0.27 (£0.19) cash dividend, for each Vectura share.
Vectura stated that the deal value represents approximately 27% of its premium to the closing price of $1.7 (£1.22) per share on 25 May 2021.
The company provides inhaled drug delivery solutions for its partners’ medicines. It has 13 inhaled and 11 non-inhaled products which are marketed by partners with royalty streams globally.
Its partnered portfolio also includes drugs in clinical development. Some of Vectura’s partners are Hikma, Novartis and its unit Sandoz, Mundipharma, Kyorin, GlaxoSmithKline (GSK), Bayer, Chiesi, Almirall and Tianjin KingYork.
Commenting on the deal, Vectura Group chairman Bruno Angelici said: “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, which secures the delivery of future value for Vectura shareholders in cash today.”
Through this acquisition, Bidco believes that Vectura can speed up its transformation with access to investment and support from the company.
Additionally, Carlyle will have access to Vectura’s global network, resources and experience.
Carlyle European buyout advisory group managing director Simon Dingemans said: “We have followed the strategic changes underway at Vectura closely and fully support the focus on building a market leading inhalation specialist CDMO.
“We believe that under Carlyle’s ownership Vectura will be able to accelerate its transformation significantly with greater access to capital and the support of our long experience in the sector.”
The transaction, which is subject to full terms and conditions, is expected to become effective during the third quarter of this year.