LONDON: Philip Morris International Inc heated up the race for Vectura Group Plc with a bid valuing the UK asthma drug maker at more than ￡1bil (RM5.86bil), trumping an offer from Carlyle Group Plc.

       The maker of Marlboro cigarettes offered 165 pence (RM9.67) per share for Vectura after Carlyle last Friday offered 155 pence (RM9.08). The new bid values Vectura’s shares at about ￡1.02bil, or US$1.4bil (RM5.91bil).

       Private equity firm Carlyle initially agreed in May to buy Vectura, a maker of inhalers and nebulisers, before Philip Morris emerged with a competing offer.

       Philip Morris is pursuing revenue sources outside cigarettes, with new products such as IQOS heated-tobacco devices, as more people across the developed world quit smoking. It’s aiming for at least US$1bil (RM4.22bil) in sales outside nicotine by 2025.

       In a statement, Philip Morris said it intends to boost research and development spending and plans to use Vectura as the backbone of its inhaled therapeutics business.

       Spokespeople for Wiltshire, England-based Vectura didn’t immediately reply to messages seeking comment.

       The company had described Carlyle’s new offer as superior to Philip Morris’s July bid on price and timing, and said it was “well aligned with Vectura’s wider stakeholder objectives.” — Bloomberg