Philip Morris bags another biotech as bidding war with Carlyle over Vectura deal heats up
In one of the more unlikely bidding wars in recent biopharma memory, a British tobacco giant and a US private equity firm are competing to purchase a UK drugmaker whose last experimental drug failed three years ago.
Overnight Monday both Philip Morris and The Carlyle Group raised their bids to buy out Vectura, a 24-year-old biotech that had last made headlines in 2018, when its attempts to build an asthma drug fell apart in a large trial.
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